Riyadh – Mubasher: The world’s largest oil company Saudi Aramco is planning to open a subsidiary in India as soon as next week, three sources told Reuters late Wednesday.
India is the world’s third-largest oil consumer after the United States and China.
Saudi Arabian Oil Co., widely known as Saudi Aramco, is currently investing in a number of refineries ahead of its highly anticipated initial public offering (IPO) slated for early 2018.
“Saudi Arabia is competing with Iraq to be India’s top oil supplier, with Iraq displacing it for a fifth month in a row in August,” Reuters said, citing data it compiled.
Mohammed Al-Mughirah will lead Aramco’s new unit in India, sources told Reuters. Al-Mughirah was deputy managing director at Aramco Asia Korea.
Aramco CEO Amin Nasser is set to inaugurate the India unit, named Aramco Asia India, during his visit to New Delhi next week, when he will be attending IHS-CERA conference scheduled to begin Sunday.
The meeting will also be attended by the Mohammed Barkindo, secretary general at the Organization of Petroleum Exporting Countries (OPEC).
The Aramco official is also scheduled to meet with Indian premier Narendra Modi on Monday as part of an industry delegation to discuss investment in the oil and gas sector, sources told Reuters.
