Saudi Aramco participates in annual India Energy Forum

Saudi Aramco has participated at the second India Energy Forum, hosted by CERAWeek, from Oct. 14-16. (SPA)
Updated 16 October 2018
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Saudi Aramco participates in annual India Energy Forum

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

JEDDAH: Saudi Aramco has participated at the second India Energy Forum, hosted by CERAWeek, from Oct. 14-16.

The annual event fosters national and international dialogue on opportunities, challenges and strategies to bring 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 Oct. 15.

On 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. Adding that, being the largest supplier of energy to India, Saudi Aramco has always had a long-term commitment to the country’s energy security.

He said Saudi Aramco is tapping into India’s world-leading growth, by investing in its energy future as part of the company’s own downstream strategy.

He highlighted that the closer cooperation between Saudi Aramco and Indian energy entities was reflected in the partnership with ADNOC and the Ratnagiri Refinery & Petrochemicals Ltd (RRPCL) on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year.

He noted that Saudi Aramco's spending on material services sourced from Indian suppliers has reached almost $2 billion in the past six years, and the opening of the Aramco Asia India office in 2017.

He also 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.”

Meanwhile, Saudi Aramco has participated in the 2nd Supply Chain and Logistics Conference organized by the Ministry of Transport in Riyadh.

Saudi Aramco’s Senior Vice President of Operations & Business Services Mohammad Saggaf has underscored the importance of creating a logistics hub in the Kingdom.

“The role played by the supply and logistics sector has gained increasing importance in both scope and value. The sector now represents about $4.3 trillion of the world’s economy. It impacts other industrial, commercial and service sectors and has adopted many new advanced technologies.”

He also revealed that Saudi Aramco’s partnership with the General Institution for Technical Trianing has led to the etsbalishement of more than 18 training academies as part of the company’s plan to train 300,000 trainees by 2030.


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 18 June 2019
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High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.