Air India subsidiary AIESL inks MRO MoU with SIAEC

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The world's biggest oil producer, Saudi Aramco, on Monday said it is exploring opportunities for investments and joint ventures in India, the world's third-largest oil consuming nation.

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.

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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.

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Saudi Arabia is the second largest supplier of crude oil to India after Iraq and accounts for about 19% of its crude oil imports and 29% of LPG imports.

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.

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