World’s largest oil exporter Saudi Aramco sets up shop in India

India is particularly important for Aramco as the firm is trawling for refinery stake in major oil-consuming economies to lock in customers ahead of its IPO next year.

In a major boost, the world's largest oil exporter, Saudi Aramco officially launched its unit in India.

Oil minister Dharmendra Pradhan and Aramco CEO Amin Nasser, who is here to attend the India Energy Forum beginning on Monday, jointly inaugurated the company's office in Gurgaon

The minister said that this is a move that would take the buyer-supplier relationship between the two countries to a level of "strategic partnership" in the hydrocarbon sector.

Saudi Arabia accounts for approximately 19% of India's crude and 29% of LPG imports. During 2016 -17, India imported about 39.5 million tonnes of crude from Saudi Arabia.

India is particularly important for Aramco as the firm is trawling for refinery stake in major oil-consuming economies to lock in customers ahead of its IPO next year.

OneIndia News