The world's top oil exporter Saudi Aramco will open an office in India by the end of this year to help boost its crude sales in the world's fourth largest oil consuming nation, sources with knowledge of the matter said.
India is one of the biggest markets for Saudi oil. In fact, Saudi Arabia has been the top supplier to the South Asian nation for the past 14 years starting April 2001, according to the government data.
Saudi Arabia's share in India's crude intake has, however, dropped to about 18.5 percent in the year to March 2015 from about a quarter a decade ago, while India's refinery capacity has doubled to about 4.6 million barrels per day in the period.
"With the new office, Aramco will integrate its existing operations in India run through Aramco Overseas with the crude sales business," said one of the sources, adding that India was a bright spot in an otherwise sluggish global oil sector as fuel demand in the country was rising contrary to other regions.
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