Saudi Aramco Plans 'Mega Investment' In India, Eyes Refinery Business

Saudi Arabia-India engagement in energy will help bolster strategic partnership: Petroleum Min

"India has all the signs of a prosperous economy that is on the move". 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. AAI would now formally engage in crude oil and LPG marketing, engineering and technical services, and other business development activities.

Aramco is investing in refineries in major markets to lock in customers ahead of its initial public offering 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 once again demonstrating extraordinary leadership in its commitment to re-balancing the market, as we approach the upcoming key meeting of November 30 in Vienna, by restraining not only the top-line of production volume, but even more importantly the bottom line of exports, which are what ultimately shape global inventories and market balances", the ministry said. Saudi Arabia, the world's top crude exporter, is leading the Organization of Petroleum Exporting Countries and other producers including Russian Federation in paring output under a deal that helped propel oil into a bull market in September.

"Last year, India's oil consumption grew by over 8 per cent compared with global growth of 1.5 per cent, making it the third largest consumer of oil". Aramco plans to supply 7.15 million barrels a day "despite very strong demand" that exceeds 7.7 million barrels a day, it said.

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Nasser stressed that this rise in energy demand would have important implications of which the security of energy supplies will become more critical.

Nasser added that the inauguration of the new Aramco Asia India office on Sunday (October 8) was testimony of Saudi Aramco's commitment in creating new partnerships and reinforcing existing ones with this India.

Pulitzerwinning oil historian and vice-president of oil industry data service provider IHS Markit, Daniel Yergin, who has emerged as India's key interlocutor in the USA for energy issues, also attended the session.

Nasser was a keynote speaker at the forum, alongside Indian Minister of Petroleum and Natural Gas and Skill Development and Entrepreneurship Dharmendra Pradhan; and the Secretary-General of Opec Mohammad Sanusi Barkindo.

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