Saudi Aramco, Shell Propose Partnership Deal For India

International majors, Saudi Aramco and Shell, have proposed to create a partnership triangle with the government to invest in Indias integrated downstream oil sector. This was disclosed by chairman of Shell Transport and Trading Co and managing director of the Royal Dutch/Shell group of companies, Mark Moody Stuart, in an interview to Shell in the Middle East magazine during a recent visit to the UAE. Stuart, who will head Shells worldwide operations from July 1 said the venture with a company to be identified by the Indian government, will form a new world class firm active in refining, distribution, marketing and consumer services. Shell and Saudi Aramco have been looking at Asia for some time. This is our first move abroad, and we are moving together into Asia. India is our first target, said Abdullah Jumaah, president and chief executive officer, Saudi Aramco, according to excerpts of the interview published in The Gulf News. The proposal was forwarded last November to the Indian government by Jumaah and Stuart.