Saudi Aramco through its subsidiary ARAMCO Asia India (AAI) established its formal business presence in India in 2016. AAI would now formally engage in crude oil and LPG marketing, engineering & technical services, and other business development activities.
Speaking on the occasion Shri Pradhan mentioned that India is one of the biggest markets for Saudi oil and LPG. He said that he was delighted to jointly inaugurate the Saudi Aramco's Office in India which will help in strengthening the existing buyer - supplier relationship between the two sides to a strategic partnership in the hydrocarbon sector.
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 near future. Saudi Aramco intends to partner with Indian companies and set up integrated business ventures in the hydrocarbon value chain in India including to boost Make in India" activities.
Saudi Arabia is the second largest supplier of crude to India after Iraq and it accounts for about 19% of our crude oil imports and also 29% of LPG imports respectively. During 2016-17, India imported about 39.5 MMT of crude from Saudi Arabia.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)