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Saudi Aramco opens India office in Gurugram, eyes higher sales

Saudi Aramco accounts for about 19% of India's crude oil imports and 29% of LPG imports

Press Trust of India  |  New Delhi 

Saudi Aramco
Saudi Aramco

The world's top oil exporter Saudi Aramco on Sunday opened an office in India to boost its crude sales in the world's third-largest oil consuming nation.

Saudi Aramco CEO Amin H Al-Nasser opened the office of the company's subsidiary, Aramco Asia India, at (formerly Gurgaon), an official statement said.

Saudi Arabia is the second-largest supplier to India after Iraq. It accounts for about 19 per cent of India's imports and 29 per cent of imports. During 2016 -17, India imported about 39.5 million tonnes of crude from Saudi Arabia.

"Saudi Aramco through its subsidiary (AAI) established its formal business presence in India in 2016. AAI would now formally engage in and marketing, engineering and technical services, and other business development activities," it said.

Aramco India plans to expand its operation by introducing hydrocarbon sector functions, including engineering services, IT operations and security and also R&D centre in the near future.

"Saudi Aramco intends to partner with Indian and set up integrated business ventures in the hydrocarbon value chain in India, including to boost 'Make in India' activities," the statement said.

Speaking on the occasion, Oil Minister said India is one of the biggest markets for Saudi oil and

Saudi Aramco's Office in India will help in strengthening the existing buyer-supplier relationship between the two sides to a strategic partnership in the hydrocarbon sector, he said.

Saudi Aramco is investing in refineries in major markets to lock in customers ahead of its initial public offering next year.

In India, it is looking for investment opportunities in refining and petrochemical projects.

Nasser is visiting India to attend the IHS-CERA conference beginning tomorrow, which will also be attended by Secretary General Mohammed Barkindo.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sun, October 08 2017. 15:43 IST