Aramco, Saudi Arabia’s state-owned oil company, plans to be present in the entire “value chain” of India’s energy sector, the company’s CEO Amin Nasser said at India Energy Forum by CERAWeek on Monday in New Delhi.
“We are hoping to land on a joint venture sometime,” Amin Nasser said at the event. Asked if the deal could be finalised next year, the CEO said: “We hope so. We are in serious discussions.”
In order to help lock-in demands for its crude and expand its market share ahead of its initial public offering next year, Saudi Aramco is investing in refineries abroad.
The world’s biggest oil producer plans to float up five percent of its shares in 2018 – in what could be the world’s largest IPO, raising as much as $100 billion.
The company’s CEO said: “We is interested in investing in India’s downstream sector – refining, petrochemicals and fuel retailing including lubricants.”
As per a report, the Saudi Kingdom pledged billions of dollars of investment in projects in Indonesia and Malaysia to ensure long-term oil supply deals, earlier this year.
Last year, Aramco opened an office in Gurugram – Aramco Asia India – as it aims to expand its presence in India.
India’s oil minister Dharmendra Pradhan inaugurated the oil company’s India unit.