The world’s largest oil exporter, Saudi Aramco has launched its unit in India with a view to tap opportunities presented by the rapidly growing demand of the energy in the country. Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Aramco CEO Amin Naseer inaugurated the company’s office in Gurgaon.
Aramco’s move to launch a subsidiary in India (AAI), coincides with its ongoing talks for acquiring a stake in the Rs.40,000 crore coastal refinery being planned in Maharashtra by an IndianOil-led consortium of state run refinery-marketers, Bureaucracy Today has learnt.
It is to be noted that both International Energy Agency and BP Statistical Review of World Energy have projected India’s oil consumption growth to be fastest among all the major economies over the enxt two decades. India has already surpassed Japan as the world’ss third largest oil consumer and is expected to overtake China.