Saudi Aramco through its subsidiary ARAMCO Asia India (AAI) established its formal business presence in India previous year, the statement said.
"We remain fairly confident that the Saudi's will look to continue to support the oil market, especially until the sale of Aramco", said Shane Channel, equity and derivatives adviser at ASR Wealth Advisers.
Saudi Arabian and Indian companies can jointly unlock enormous new growth opportunities, and boost bilateral trade and relations as part of efforts to achieve long-term economic and development goals, Saudi Aramco president and CEO Amin H Nasser has said. "This is a market of investment priority and not a choice anymore", Nasser said.
Jon Stewart Tries To Tell Stephen Colbert Nice Things About Trump
He then turned his duties over to Colbert who, like Stewart, had trouble coming up with positive epithets. We make fun of you. "Pretty soon, the only contraceptive women will have, is his face", Colbert said.
In the past six years, Saudi Aramco's spending on material services sourced from Indian suppliers has reached nearly $2 billion, with $1.3 billion alone of that occurring in just the past three years, Nasser said.
"That is why I am convinced that one of the world's fastest growing economy and the world's largest, lowest cost and most reliable oil supplier, must elevate their relationship to a much higher level", he said.
"The partnership will help us grow in the worldwide market where we don't have any presence at present while the SIAEC will have an opportunity to tap the huge local business here with us", H R Jagannath, CEO, AIESL said.
India's oil minister Dharmendra Pradhan, who inaugurated Aramco's India unit, said Aramco is interested in investing in refinery projects in the Asian country and "very soon they will come to India". By 2040, India is likely to be among the fastest growing oil markets, with demand nearly doubling to about 10 MMBD.
International Monetary Fund says United Kingdom is exception to global growth
The fund urged authorities to intensify efforts to rein in the expansion of credit. It expects growth to slow from 1.8% in 2016 to 1.7% this year and to 1.5% in 2018.
The world's biggest oil producer is investing in refineries overseas to help lock in demand for its crude and expand its market share ahead of its initial public offering next year.
Nasser is in New Delhi to attend the IHS-CERA conference, which starts on October 8, which will also be attended by OPEC Secretary General Mohammed Barkindo.
Russia, Saudi Arabia cement new friendship with king's visit
The king has been visiting Russian President Vladimir Putin in talks over oil and Syria, Saudi's al Arabiya television reported. Both Washington and Saudi Arabia accuse Tehran of aggressive and disruptive behavior in the region.