Global petroleum and chemicals enterprise foresees India offering a huge high volume of new business opportunities.
09 Oct 2017 | 6081 Views | By Autocar Pro News Desk
Aramco, the state-owned company of the Kingdom of Saudi Arabia and a fully integrated, global petroleum and chemicals enterprise, has set up its first India office in New Delhi. Aramco foresees India offering a huge high volume of new business opportunities.
“For Saudi Aramco and the Kingdom of Saudi ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
Aramco, the state-owned company of the Kingdom of Saudi Arabia and a fully integrated, global petroleum and chemicals enterprise, has set up its first India office in New Delhi. Aramco foresees India offering a huge high volume of new business opportunities.
“For Saudi Aramco and the Kingdom of Saudi Arabia, India represents much more than a valued customer or even a major supplier of services and materials. Today, India is an investment priority,” said Amin H Nasser, president and CEO, Saudi Aramco. He added, “We are here to meet India’s future energy demands by offering a strong relationship involving secure and reliable supply of energy feedstock to fuel India’s dynamic growth. And India has the necessary human capital and expertise that can help us grow from strength to strength.”
Speaking at the inauguration, Dharmendra Pradhan, minister of petroleum and natural gas and skill development and entrepreneurship, said: “Aramco is a key partner for Indian refiners and there’s great potential to take our partnership to a higher level beyond the supply of crude oil, refined products and LPG to new areas of R&D, engineering and technology. In return, India can offer (competitive) cost and capacity advantages.”
Aramco India is planning to expand its operation by introducing hydrocarbon sector services functions, including engineering services, IT operations & security and also R&D centre in the near future. Saudi Aramco says it plans to partner with Indian companies and set up integrated business ventures in the hydrocarbon value chain in India.
Saudi Arabia is the second largest supplier of crude to India after Iraq and it accounts for about 19 percent of our crude oil imports and also 29 percent of LPG imports. During 2016-17, India imported about 39.5 MMT of crude from Saudi Arabia.
Aramco’s India office will assume major roles in attracting more Indian manufacturers and investors to participate in the company’s In-Kingdom Total Value Addition, or IKTVA program.