Image Credits By: The Economic Times
Notwithstanding reports of a slowdown in the country’s industrial growth, the future of India’s petroleum sector continues to be upbeat.
Leading oil companies of the world continue to eye investment opportunities in the country’s oil and gas sector. If reports are to believed, the next foreign major after Rosneft (that invested $13 million to buy Essar Oil) to invest big time in India’s petroleum sector will be Saudi Aramco.
Quoting multiple sources, a news wire Reuters report said that “Saudi Aramco will open an Indian subsidiary next week, as the global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer.”
Aramco Chief Executive Amin Nasser will be in India next week to attend the IHS-CERA conference, which
starts on Sunday and which will also be attended by OPEC Secretary General Mohammed.
As per the report, Saudi Aramci is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.
Nasser will also meet Indian Prime Minister Narendra Modi on Monday as part of an industry delegation to discuss investment in the oil and gas sector, one of the sources said.
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, data compiled by Reuters showed.
Mohammed Al-Mughirah, a company veteran handling crude sales, will head Aramco Asia India, two of the sources said. He also worked as deputy managing director at Aramco Asia Korea, according to his LinkedIn profile.
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