Saudi Aramco opens India office to expand business
NEW DELHI: Saudi Aramco has opened an office in India for its new subsidiary to grow its business in Saudi Arabia’s key energy export market.
The new off ice, located in Gurgaon, near New Delhi was inaugurated by Saudi Aramco president and chief executive officer (CEO) Amin H. Al Nasser and Indian oil minister Dharmendra Pradhan on Sunday.
“India represents much more than a valued customer or even a major supplier of services and materials. Today, India is an investment priority,” Al Nasser said in a company statement.
Saudi Aramco established its formal presence in India in 2016 through its subsidiary, Aramco Asia India (AAI), and would engage in crude oil and liquefied petroleum gas ( LPG) marketing, engineering and technical services and business development from the new office, India’s Petroleum Ministry said.
The Saudi energy giant said new business opportunities are waiting to be “unlocked from the potential synergy between Saudi Aramco and Indian entities with Aramco Asia India providing the vital strategic link between the company’s headquarters in Dhahran and New Delhi.”
Saudi Arabia is the second largest supplier of crude to India after Iraq and accounts for 19 per cent of India’s crude oil imports and 29 per cent of LPG imports.
India imported about 39.5 million tonees of Saudi crude in the 2016-17 financial year, according to the Indian Petroleum Ministry.
The India office will play a major role in attracting more Indian manufacturers and investors to participate in the company’s “InKingdom Total Value Addition or IKTVA programme,” Saudi Aramco said.
It will also help in qualifying more vendors in commodities which Saudi Aramco requires for its projects and operations, as well as, in strengthening research and development collaboration with India, the company said. — Bernama