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    No retailing in India without manufacturing hub: Saudi Aramco CEO Amin H Nasser

    Synopsis

    “Latest agreement, hopefully, will also allow us even to increase our market share,” Nasser said, referring to the 50% stake Aramco has agrees to purchase in Maharashtra refinery.

    Saudi-aramco-ceo-nasser-BloombergBloomberg
    “We are not really concerned,”Nasser, said on rapidly rising crude supply by Iraq and Iran to India.
    NEW DELHI: Saudi Aramco will venture into fuel retailing in India only after the proposed $44 billion refinery-cum-petrochemicals complex is ready, CEO Amin H Nasser told ET in an interview.

    “We are not getting into retail without having a manufacturing hub,” he said.

    The company will pick a local partner for the retail venture, he said, without specifying any preference. The three partners (Indian Oil, Bharat Petroleum and Hindustan Petroleum) in the proposed refining complex already have a retail presence in the country. “Each partner will have their own brand ( in fuel retailing). We would also like to have our own brand,” he said.

    Saudi Aramco has lost some share in Indian crude supply market as it is complying with OPEC production agreement but is not really concerned and hopes to improve its share in future by participating in building a new Indian refinery for which it signed an agreement on Wednesday.

    “We are not really concerned,”Nasser, said on rapidly rising crude supply by Iraq and Iran to India. Saudi lost the top supplier's tag to Iraq in 2017 while Iran is aggressively pursuing Indian refiners with its offers of price discounts.

    “We are not losing in terms of supply, but you know, we are abiding by OPEC agreement,” he said. Supplies to India has grown for Aramco but its market share has fallen.

    “Latest agreement, hopefully, will also allow us even to increase our market share,” he said, referring to the 50 percent stake Aramco has agrees to purchase in the proposed refining and petrochemicals complex.


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