Remarks by SVP Downstream at CERA Week India

Thank you, Lyn.

And good afternoon Your Excellencies, and distinguished ladies and gentlemen. 

While I regret I can’t join those of you in New Delhi this year, I’m always delighted to share my thoughts on the historic and ever-growing importance of the Indo-Saudi relationship.  
 
We know that it’s a relationship deeply rooted in history. That Indian and Arab merchants built a thriving trade on the Red Sea many centuries ago. 

But I believe the modern-day transformation of India – and Saudi Arabia’s role as a key trade partner – is a story we will also look-to for generations to come. 

So, I wish to congratulate you all for this remarkable success, even as there is more to be achieved.

Aramco is proud to be a key supplier of the energy that is fueling Indian prosperity. 

We opened our office in New Delhi several years ago, knowing that India will be an increasingly important market for us, and that a physical presence allows us to be a much more effective partner.  
 
Longer-term, we know that energy will remain a driver of economic growth.
 
Even as new energy sources gradually play a greater role, oil, gas and chemicals will remain essential to economic development for a long time. In our view, both existing and new energy sources will run in parallel for the foreseeable future.

Also running in parallel are some very complex challenges, such as climate change and sustainability, while the reliability and affordability of energy, as well as economic development, remain crucial. Particularly for the billions in developing countries who strive to build better lives. 

So, we want to work with India to meet these challenges.
 
Looking at the climate challenge, the upstream carbon intensity of Aramco’s oil supply remains among the lowest in the world.  

In practical terms, for our customers, this equates to a smaller impact on the climate. And we continue to develop and deploy a range of cutting-edge technologies to further reduce the carbon footprint of our oil and gas.

Our vision is to invest across the value chain in India, and partner with Indian companies in this endeavor. 

As you know, Aramco is significantly strengthening its downstream business, to better complement our long-standing preeminence in upstream. And chemicals, especially, offer us a strategic opportunity. 

Our goal is to build a chemicals business that is a global leader, on-par with our leading position in oil. Our acquisition of a 70-percent stake in SABIC has been key, allowing us to offer one-stop integrated solutions from crude oil supplies, refined products and chemicals, to lubricants and advanced non-metallic materials. 
 
And we are accelerating our investments in large integrated refining/petrochemicals manufacturing complexes, especially in large markets like India. 

We are also strengthening our business relations with Indian companies in general.

This includes buying goods and services in upstream oil and gas engineering, procurement, and construction. One Indian infrastructure company has been awarded 10 projects

worth about 3.5 Billion Dollars over the years. And some of India’s top IT companies, such as WIPRO and TATA Consultancy, are now providing services to Aramco. 

So, there is no shortage of new opportunities as India and Saudi Aramco build upon what is already a strong foundation.

It is a relationship rooted in history, but always forward-facing, positioning us for growth and prosperity.
 
And I can tell you that Aramco remains very proud to be a partner in India’s progress.
 
So, I wish you a productive and engaging session.

And I thank you very much.