On 05.12.2019 an MoU was signed between NSIC and Aramco Asia for the development of MSME Ecosystem in India in Oil & Gas Sector. From NSIC side Sh. P. Udayakumar, Director (P&M) and from Aramco side Mr. Mohammed Al Mughirah, President, Aramco Asia inked the MoU. The dignitaries H.E. Dr. Said Bin Mohammed Al Sati, Ambassador of Saudi Arabia, Mr. Abdullah Melfi, Strategic Sourcing Head, Aramco, and more than 200 units from India witnessed the event. NSIC is the flagship Mini Ratna PSU under Ministry of MSME in the business of facilitating MSMEs in India and Aramco is world’s largest Oil & Gas Company from Govt. of Saudi Arabia having reported revenue of USD 355 Billion Dollar (2018) and estimated market value of 1.5 Trillion Dollars. This MoU will pave a way for accredited Indian MSMEs to carve out a space as vendors in the Global space.
On Wednesday, 12 June 2019, Aramco reported its net income at $111.1 billion in 2018 compared to $75.9 billion in 2017, with total revenues at $355.9 billion in 2018. In the first half of 2019, Aramco reported net income of $46.9 billion. On December 2019, Saudi Aramco became worth $2.1 trillion dollars surpassing Apple. This made it the most ‘valuable’ company of the world.