Riyadh – Mubasher: Saudi Arabian Oil Co, known globally as Saudi Aramco launched a joint venture (JV) near to the Indian capital New Delhi, Reuters on Sunday reported, citing a statement of the Indian government as saying.
This step will help to implement a partnership between the two countries in the oil and gas sectors, the Indian Oil Minister, Dharmendra Pradhan said.
The JV was inaugurated by Pradhan and Aramco’s CEO Amin Nasser.
“Saudi Aramco through its subsidiary ARAMCO Asia India (AAI) established its formal business presence in India last year,” the agency added.
“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,”.
The largest oil provider’s CEO is in New Delhi to attend the IHS-CERA conference.
