New Delhi: NSIC (National Small Industries Corporation) and Aramco Asia have signed a memorandum of understanding (MoU) for the development of MSME ecosystem in India in oil and gas sector, on December 5.
MoU signed by NSIC Director (P&M) and Aramco Asia President
The MoU was signed by NSIC Director (Planning and Marketing) P Udayakumar and Aramco Asia's President Mohammed Al Mughirah, on behalf of NSIC and Aramco, respectively. On the occasion, Saudi Arabia's Ambassador HE Dr Said Bin Mohammed Al Sati, Aramco's Strategic Sourcing Head Abdullah Melfi were present. This MoU will pave a way for accredited Indian MSMEs to carve out space as vendors in the global space.
What does NSIC do?
NSIC is a Miniratna PSU under the Ministry of Micro, Small & Medium Enterprises of India. NSIC has been working to promote, aid and foster the growth of micro, small and medium enterprises in the country. It operates through a countrywide network of offices and technical centres in the country. NSIC has also set up a training-cum-incubation centre managed by professional manpower.
What does Aramco do?
Aramco is the world's largest oil and gas company of the government of Saudi Arabia. It is one of the largest companies in the world by revenue and the most profitable company in the world. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than 270 billion barrels and second-largest daily oil production.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)