Published on October 6, 2017
The Saudi Aramco will be opening its subsidiary in India next week. The company will be investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.
Major oil producers that have lost market share due to the rise in U.S. shale oil production are tapping rising fuel demand in Asia. The Kingdom wants to mirror that strategy in India, after missing out to Russia's Rosneft in an opportunity to buy a majority stake in private refiner Essar. Aramco wants to have exclusive talks for a stake in a planned 1.2 million barrel per day refinery on India's west coast.
