Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Saudi Aramco Opens Office in India, Eyes Higher Sales

Saudi Aramco CEO Amin H Al-Nasser opened the office of the company's subsidiary, Aramco Asia India, at Gurugram, an official statement said.

PTI

Updated:October 8, 2017, 11:22 PM IST
facebookTwitterskypewhatsapp
Saudi Aramco Opens Office in India, Eyes Higher Sales
Logo of Saudi Aramco. (Photo: REUTERS)

New Delhi: The world's top oil exporter Saudi Aramco on Sunday opened an office in India to boost its crude sales in the world's third-largest oil consuming nation.

Saudi Aramco CEO Amin H Al-Nasser opened the office of the company's subsidiary, Aramco Asia India, at Gurugram, an official statement said.

Saudi Arabia is the second-largest crude oil supplier to India after Iraq. It accounts for about 19 per cent of India's crude oil imports and 29 per cent of LPG imports. During 2016-17, India imported about 39.5 million tonnes of crude from Saudi Arabia.

"Saudi Aramco through its subsidiary Aramco Asia India (AAI) established its formal business presence in India in 2016. AAI would now formally engage in crude oil and LPG marketing, engineering and technical services, and other business development activities," it said.

Aramco India plans to expand its operation by introducing hydrocarbon sector functions, including engineering services, IT operations and security and also R&D centre in the near future.

"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," the statement said.

Speaking on the occasion, Oil Minister Dharmendra Pradhan said India is one of the biggest markets for Saudi oil and LPG.

Saudi Aramco's Office in India will help in strengthening the existing buyer-supplier relationship between the two sides to a strategic partnership in the hydrocarbon sector, he said.

Saudi Aramco is investing in refineries in major markets to lock in customers ahead of its initial public offering next year. In India, it is looking for investment opportunities in refining and petrochemical projects.

Nasser is visiting India to attend the IHS-CERA conference beginning Monday, which will also be attended by OPEC Secretary General Mohammed Barkindo.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Aakarshuk Sarna
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 49.90 5.27
Reliance 1,422.65 1.87
Indiabulls Hsg 215.50 8.87
BHEL 57.00 27.80
Zee Entertain 244.20 -7.66
Company Price Change %Gain
HDFC AMC 2,857.00 5.18
Yes Bank 49.85 5.17
IRCTC 772.35 6.63
Indiabulls Hsg 216.00 9.56
BHEL 56.75 27.38
Top Gainers
Company Price Change %Gain
Yes Bank 49.65 4.75
Coal India 205.00 2.81
Larsen 1,451.60 1.91
Reliance 1,421.50 1.79
UltraTechCement 4,326.20 1.54
Company Price Change %Gain
Yes Bank 49.65 4.75
Coal India 204.95 2.81
Larsen 1,451.60 1.92
Reliance 1,421.25 1.80
Vedanta 150.10 1.32
Top Losers
Company Price Change %Gain
Zee Entertain 245.20 -7.28
Eicher Motors 20,187.90 -1.48
IndusInd Bank 1,322.70 -1.30
M&M 586.30 -1.18
Bharti Airtel 381.35 -1.17
Company Price Change %Gain
IndusInd Bank 1,322.60 -1.28
M&M 586.30 -1.15
Bharti Airtel 382.00 -0.97
Bajaj Auto 3,092.30 -0.58
ICICI Bank 438.15 -0.54

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results