Saudi Aramco plugs into India’s oil growth story


NEW DELHI, Oct. 9: The world's largest oil exporter, Saudi Aramco, on Sunday officially launched its unit in India with a view to tap opportunities presented by the country's rapidly growing appetite for energy.

Oil minister of India Dharmendra Pradhan and Aramco CEO Amin Nasser, who is here to attend the India Energy Forum beginning on Monday, jointly inaugurated the company's office in Gurgaon, a move the minister said would take the buyer-supplier relationship between the two countries to a level of "strategic partnership" in the hydrocarbon sector.

Aramco's move to launch a subsidiary in India, Aramco Asia India (AAI), coincides with its ongoing talks for acquiring a stake in the Rs 40,000 crore coastal refinery being planned in Maharashtra by an IndianOil-led consortium of state-run refiner-marketers.

India is particularly important for Aramco as the firm is trawling for refinery stake in major oil-consuming economies to lock in customers ahead of its IPO next year.

Both International Energy Agency and BP Statistical Review of World Energy have projected India's oil consumption growth to be the fastest among all major economies over the next two decades. India has already surpassed Japan as the world's third largest oil consumer and is expected to overtake China.

But Aramco, traditionally India's top oil supplier, has not found the going smooth in such a growing market in the face of challenge from fellow Opec member Iraq.

According to a Reuters report, Iraq remained India's top oil supplier for the fifth month running in August. 

Besides, India is also leveraging the oversupplied condition of the global oil market and flexibility of its refineries to tap new sources such as the US.

No wonder, Aramco's talks with Indian state-run refiners are not limited to locking in sale of crude but also encompasses increased LPG supplies and a foothold in petrochemicals and fuel retail businesses. 

Saudi Arabia accounts for approximately 19% of India's crude and 29% of LPG imports. During 2016 -17, India imported about 39.5 million tonnes of crude from Saudi Arabia. TOI

Related News

India, France ink €7.87 billion agreement for 36 Rafales

NEW DELHI, 23 Sept : India and France on Friday concluded an Inter-Governmental Agreement for the purchase of 36 Rafale fighter jets at a cost of €7.87 billion, the first fighter aircraft deal since the purchase of Sukhois from Russia in the late 90’s. The deal was signed by Defence…

Let's fight battle to build a better nation and see who wins: PM Modi to Pakistan

Mohua Chatterjee| TNN | Updated: Sep 24 : KOZHIKODE: Prime Minister Narendra Modi on Saturday broke his silence on the Uri terror attack and tore into Pakistan for its role in supporting terror in the region. At his first public rally since the Uri incident, PM Modi challenged Pakistan - not at conventional war - but in…

Terror as state policy is war crime, Shah tells Pakistan

KOZHIKODE,September 25 : The BJP on Sunday reinforced Prime Minister Narendra Modi’s message to Pakistan, with party president tabling a statement on the terrorist attack on Uri, positing it as one in a decade-and-a-half of terror strikes against India by Pakistan. BJP president Amit Shah described Pakistan as a country…

Pakistan not getting support in UN on surgical strikes issue: Akbaruddin

UNITED NATIONS, Oct. 1 : India has said that Pakistan approaching the United Nations on the issue of surgical strikes by the Indian Army across the LoC has not found any resonance in the world body and rejected claims that the UN mission monitoring ceasefire “has not directly observed” any firing…

Pakistan still in anaesthesia after surgery, says Parrikar

DEHRADUN/NEW DELHI, Oct, 2 : Pakistan is like a patient who has been given anaesthesia and doesn’t know that surgery has already been done on him, Defence Minister Manohar Parrikar said on Saturday. The Minister’s remarks are first comments from a member of the Cabinet Committee on Security (CCS) following the…

Baramulla: It was a terror attack, not a case of friendly fire, says Indian BSF

NEW DELHI, Oct. 4 : The Indian BSF denied reports of "friendly fire" resulting in casualties during the terror attack on the Baramulla camp even as speculation swirled about tense nerves leading to firing late on Sunday night. The border force said terrorists struck at a joint Army-BSF camp and this claimed the life of one…


Find Us on Facebook

From Social

Tokyo (Japan), Sept. 13: A new leadership assumed responsibilities at the Non Resident Nepalese Association (NRNA), Japan on Sunday. The new office bearers took oath of office and secrecy after a long fought battle resulting from dissatisfaction from those who…

Lama led officials assume responsibility in NRNA Japan