AAI formally engaged in crude oil and LPG marketing with India
Source :NewsBharati   Date :09-Oct-2017

Gurugram, October 9: ARAMCO Asia India (AAI), a subsidiary of Saudi Aramco has formally established its crude and LPG marketing in India as the Petroleum Minister Dharmendra Pradhan inaugurated the Saudi Aramco India Office in Gurugram jointly with Amin H Al-Nasser, President, and CEO of Saudi Aramco. The office is located at Two Horizon Tower, Gurugram.

Addressing the inauguration ceremony Dharmendra Pradhan said that India is one of the biggest markets for Saudi oil and LPG. They are delighted to inaugurate jointly the Saudi Aramco's Office in India which will help in strengthening the existing buyer-supplier relationship between the two sides to a strategic partnership in the hydrocarbon sector.

Hydrocarbon sector services function has been introduced by ARAMCO India. By including engineering services, IT operations & security and also R&D center they are planning to expand its operations. To boost Make in India activities, Saudi Aramco has ventured with Indian companies and set up integrated business ventures in the hydrocarbon value chain in India.

After Iraq, The second largest supplier of crude to India is Saudi Arabia which accounts for about 19% of crude oil imports and also 29% of LPG imports. During 2016-17, India imported about 39.5 MMT of crude from Saudi Arabia.

Saudi Aramco is an oil and gas production infrastructure that leads the industry in the scale of production, operational reliability, and technical advances. It is a world’s largest crude oil exporter, producing roughly one in every eight barrels of the world’s oil supply. It has a conventional crude oil and condensate reserves of 260.8 billion barrels. Its average daily crude production is 10.5 million barrels per day (bpd), and have a stewardship of natural gas reserves of 298.7 trillion standard cubic feet.