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 Gurugram (formerly Gurgaon), an official statement said.
Saudi Arabia is the second-largest crude oil supplier to India after Iraq. It accounts for about 19 per cent of India's crude oil imports and 29 per cent of LPG imports. During 2016 -17, India imported about 39.5 million tonnes of crude from Saudi Arabia.
"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 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 companies and set up integrated business ventures in the hydrocarbon value chain in India, including to boost 'Make in India' activities," the statement said.
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 OPEC 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.)