October 9, 2017 / 10:33 AM / 9 months ago

BRIEF-Aramco CEO says India is an investment priority for company

Oct 9 (Reuters) - Aramco CEO says:

* By 2040 India will be largest oil market with demand doubling

* We are determined to expand our business portfolio by creating a fully integrated oil business in India

* India is an area of huge interest for us because of its market size

* Looking at expansion in petrochemicals

* Looking to partner with Indian companies

* We are looking at capital spending, building our portfolio in gas

* Aims to have 70 percent gas fired power

* Lot of opportunities for Indian companies in Saudi Arabia

* Saudi Aramco IPO on track for listing in 2018

* Electric vehicles “still very small” but will grow “quickly”

* Have to take into consideration that from 2030 to 2040 there will be decline in existing crude

* Hopes to raise petchem output to offset decline in transport fuels

* We are working with so many partners, will have serious discussion with them in India

* Very optimistic of our plans in India and we will make an investment in India

* Looking at mega investment in India

* India is an investment priority for Aramco (Reporting By Neha Dasgupta, Nidhi Verma and Promit Mukherjee in NEW DELHI)

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