On December 9, 2019, National Small Industries Corporation Limited(NSIC ), a Mini Ratna PSU (public sector undertaking ) works under the Ministry of MSME, has signed a memorandum of understanding (MoU) with Saudi Aramco (Asia), a Saudi Arabian national petroleum and natural gas company for the development of Micro, Small and Medium Enterprises (MSME) sector in India in Oil & Gas Sector.
Key Points:
i.The MoU was signed by Sh. P. Udayakumar, Director (P&M) from NSIC and Mr. Mohammed Al Mughirah, President, Aramco Asia.
ii.This agreement will help accredited Indian MSMEs to carve out a space as vendors in the Global market.
About NSIC:
Founded– 1955
Headquarters– New Delhi
Chairman & MD– Vijayendra
NSCI acts as the nodal agency for various schemes of Ministry of MSME including Single Point Registration, Performance and Credit Rating, National Schedule Caste and Schedule Tribes (SC-ST) Hub, MSME Databank, etc.
About Suadi Aramco (also known as Saudi Arabian Oil Company):
Headquarters– Dhahran, Saudi Arabia
Founded– 1933
It is world’s largest Oil & Gas Company and is one of the largest companies in world by revenue.
It has reported revenue of $ 355 Billion in 2018 and estimated market value of $1.5 Trillion.
