Investing in India is a key part of Saudi Aramco’s global downstream strategy, says Abdulaziz Al-Judaimi

Investing in India is a key part of Saudi Aramco’s global downstream strategy, says Abdulaziz Al-Judaimi
Published: 18 October 2018 - 2 a.m.
By: Martin Menachery

Saudi Aramco played a central role in the second India Energy Forum, hosted by CERAWeek IHS Markit and held during 14-16 October.

The annual event fosters national and international dialogue on opportunities, challenges and strategies to bring about a new energy future for India.

Saudi Arabia’s minister of energy, industry and mineral resources and Saudi Aramco chairman, Khalid A Al-Falih, took part in the ministerial dialogue on 15 October. The same day, Saudi Aramco senior vice president of downstream Abdulaziz M Al-Judaimi participated in a panel discussion titled ‘Outlook for Refining and Petrochemicals’.

Al-Judaimi noted that relations between the kingdom and India are growing more strategic in nature, adding that, as the largest supplier of energy to India, Saudi Aramco has always had a long-term commitment to the country’s energy security. Al-Judaimi added that Saudi Aramco is tapping into India’s world-leading growth, in large part by investing in its energy future as part of the company’s own downstream strategy.

Al-Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega refinery and petrochemicals complex in Maharashta this year. He noted nearly $2bn in material-service sourcing with Indian companies to date, and the opening of the Aramco Asia India office in 2017.

Al-Judaimi underscored Saudi Aramco’s role as a catalyst for helping grow India’s oil and gas sector, especially chemicals. “Investing in India’s value chain from oil supply, marketing and refining to petrochemicals and lubricants is a key part of Saudi Aramco’s global downstream strategy,” said Al-Judaimi.

“Chemicals, especially, can enhance India’s energy sector, adding long-term value to the country’s resources, providing quality products for India’s and Asia’s rapidly expanding middle classes, and positioning India for accelerated economic growth as a manufacturing hub – all of which align with Saudi Aramco’s own intent to expand our global business portfolio and downstream network.”

Saudi Aramco’s engagement in the 2018 India Energy Forum explored topics such as the qualities that make India an attractive country for refining and petrochemicals investments, and the outlook for long-term petrochemicals demand.

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