‘India, Saudi influencing world energy trends’
Abdulrahman F. Al-Wuhaib, senior vice-president (operation services) of AOC, said the office would create significant opportunities for Indian businesses. Excerpts from an interview with Anupama Airy.business Updated: Feb 15, 2010 22:34 IST
With crude reserves of 260 billion barrels and annual production of 3.26 billion barrels, Saudi Aramco is the world’s largest producer and exporter of crude oil. Its subsidiary, Aramco Overseas Company (AOC), has recently opened an office in India to source manufacturers and contractors for Saudi Aramco.
Abdulrahman F. Al-Wuhaib, senior vice-president (operation services) of AOC, said the office would create significant opportunities for Indian businesses. Excerpts...
On plans for India
The opening of the new Aramco Overseas Company office in New Delhi underlines our commitment to India not only as a growing market for energy but (also) as a leading market for sourcing goods, equipment and expertise. The new office will focus on the strategic sourcing of new companies involved in manufacturing and contracting material for Saudi Aramco, creating significant opportunities for Indian businesses.
On oil prices
We do not make any price forecasts. We expect India’s energy demand to increase over the coming years and that is closely tied with the country’s rapid economic growth.
As the Indian economy expands, living standards will also rise and we can anticipate demand for energy to concurrently increase.
On investing in India
One of the strengths of Saudi Aramco is that we are always actively engaged in studying various ways to grow our business, and India is one of the key markets that we hope we can further invest in.
Taking into consideration India’s phenomenal economic growth and development and Saudi Arabia’s position as the world’s largest supplier of energy, both India and the kingdom are strongly influencing trends that will determine the world’s future energy outlook.