NSIC & ARAMCO Asia signs MoU for development in Oil & Gas Sector
A memorandum of understanding (MoU) has been signed between National Small Industries Corporation (NSIC) and Suadi Aramco (Asia) for the development of Micro, Small and Medium Enterprises (MSME) Ecosystem in India in Oil & Gas Sector. The MoU will pave a way for accredited Indian MSMEs to carve out a space as vendors in Global space.
National Small Industries Corporation (NSIC)
It is the flagship Mini Ratna public sector undertaking (PSU) under Union Ministry of MSME in the business of facilitating MSMEs in India. It was established in 1955 as a Government of India agency and was later made into a fully owned government corporation.
Suadi Aramco (or Saudi Arabian Oil Company)
It is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia. It is world’s largest Oil & Gas Company and is one of the largest companies in world by revenue.
Category: Economy & Banking Current Affairs