Saudi Aramco expands in India, launches new venture1 min read . Updated: 08 Oct 2017, 09:48 PM IST
Saudi Aramco is investing in oil refineries in major markets, including India, to lock in customers ahead of its IPO next year
New Delhi: Saudi Aramco has launched its new Indian venture near Delhi, a government statement said Sunday, as the global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer.
Oil minister Dharmendra Pradhan, who jointly inaugurated the local unit with Aramco chief executive Amin Nasser, said the move would help pave the way for “a strategic partnership in the hydrocarbon sector" between the two nations.
Saudi Aramco through its subsidiary Aramco Asia India established its formal business presence in India last year, the statement said.
Aramco is investing in refineries in major markets to lock in customers ahead of its initial public offering (IPO) next year, and the India business, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.
Saudi Arabia is competing with Iraq to be India’s top oil supplier, with Iraq displacing it for a fifth month in a row in August, data compiled by Reuters showed.
Nasser is in New Delhi to attend the IHS-CERA conference, which starts on Sunday, which will also be attended by OPEC secretary general Mohammed Barkindo.