India more than oil buyer, is an investment priority: Aramco

Saudi Arabia’s state oil firm Saudi Aramco opened on Monday an Aramco Asia India office in New Delhi, in a move to further enhance its international portfolio expansion while focusing on key economic growth regions, Kallanish Energy reports.  

Described by Aramco’s CEO Amir H. Nasser as “the leading hub in South Asia,” India imports 81% of its oil needs. There’s a high volume of new business opportunities awaiting to be unlocked from potential synergy between Saudi Aramco and Indian firms, the executive said.

“For Saudi Aramco and the Kingdom of Saudi Arabia, India represents much more than a valued customer or even a major supplier of services and materials. Today, India is an investment priority,” said Nasser. “We’re here to meet India’s future energy demands by offering a strong relationship involving secure and reliable supply of energy feedstock to fuel India’s dynamic growth.”

The new office will also take major roles in attracting more Indian manufacturers and investors to participate in the company’s In-Kingdom Total Value Addition (IKTVA) program, the Saudi firm said.

Indian energy minister Dharmendra Pradhan added “Aramco is a key partner for Indian refiners and there’s great potential to take our partnership to a higher level beyond the supply of crude oil, refined products and LPG to new areas of R&D, engineering and technology. In return, India can offer (competitive) cost and capacity advantages.”

Nasser has attended the inaugural India Energy Forum by CERAWeek alongside Pradhan and the secretary-general of OPEC, Mohammad Barkindo.