Saudi Arabian state-run oil giant Aramco's India office was inaugurated here on Sunday by Petroleum Minister Dharmendra Pradhan, in a move to strengthen the bilateral partnership in the hydrocarbons sector, an official statement said.
"Saudi Aramco, through its subsidiary Aramco Asia India (AAI), established its business presence in India in 2016. The AAI will now formally engage in crude oil and LPG marketing, engineering and technical services, and other business development activities," said an Indian Petroleum Ministry release.
"Aramco India plans to expand its operation by introducing hydrocarbon sector services functions, including engineering services, information technology operations and security and a research and development centre. It intends to partner with Indian companies and set up integrated business ventures in the hydrocarbon value chain in India," it said.
Saudi Arabia is the second largest supplier of crude after Iraq, accounting for about 19 per cent of India's crude oil imports, as well as 29 per cent of liquefied petroleum gas (LPG), or cooking gas, imports.
As per official data, India imported about 39.5 million tonnes of crude from Saudi Arabia during 2016-17.
--IANS
bc/tsb/rn
Disclaimer: No Business Standard Journalist was involved in creation of this content
