Saudi Aramco on Sunday (October 8) marked another significant milestone in its international portfolio expansion with the opening of Aramco Asia India’s new office in capital New Delhi.

The office was inaugurated by Saudi Aramco President and CEO Amin H. Nasser at a special event which was attended by Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas and Skill Development and Entrepreneurship, Saudi Ambassador to India Dr Saud Alsati besides other senior Indian government officials, heads of Indian major oil companies, as well as business and industry partners.

The new facility will assume major roles in attracting more Indian manufacturers and investors to participate in the company’s In-Kingdom Total Value Addition (IKTVA) program, said a statement from Saudi Aramco.

It will also strive towards qualifying more vendors in commodities which Saudi Aramco requires for its projects and operations as well as strengthening R&D (research and development) collaboration with Indian expertise and continuing the momentum of supply for the country’s oil and related products demand. India imports 81 per cent of its oil need from abroad.

“For Saudi Aramco, India represents much more than a valued customer or even a major supplier of services and materials. Today, India is an investment priority,” remarked Nasser in his welcoming remarks at the inauguration.

Speaking at the launch, Pradhan said: "Today is a historic day for us with Aramco’s growing presence marking a new chapter in the relationship between Saudi Arabia and India."

"Aramco is a key partner for Indian refiners and there’s great potential to take our partnership to a higher level beyond the supply of crude oil, refined products and LPG to new areas of R&D, engineering and technology. In return, India can offer (competitive) cost and capacity advantages," he noted.

Lauding the gesture, Nasser said: "We are here to meet India’s future energy demands by offering a strong relationship involving secure and reliable supply of energy feedstock to fuel the country’s dynamic growth.”

"And India has the necessary human capital and expertise that can help us grow from strength to strength," he added.

Nasser pointed out that the high volume of new business opportunities awaits to be unlocked from potential synergy between Saudi Aramco and Indian entities with Aramco Asia India providing the vital strategic link between the company’s headquarters in Dhahran and New Delhi.

"It also demonstrates Saudi Aramco’s readiness to play a role in India’s economic growth and development which is expected to be the fastest in the next decade, on top of the company’s existing role as a leading oil supplier to India for many years," observed Nasser.

“As reliable suppliers of oil and LPG for decades we are committed to providing those additional supplies that India will need,” he added.

Nasser will also be attending the inaugural India Energy Forum by CERAWeek as a key speaker alongside Pradhan; and the Secretary-General of Opec Mohammad Sanusi Barkindo.-TradeArabia News Service