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Aramco in talks to buy stake in refining business of India's Reliance

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State oil giant Saudi Aramco, the world's biggest oil producer, is in talks...

DUBAI/NEW DELHI - State oil giant Saudi Aramco, the world’s biggest oil producer, is in talks to buy a minority stake in the refining and petrochemicals businesses of India’s Reliance Industries Ltd, sources familiar with the matter said on Wednesday.

The Times of India reported earlier that Aramco was in talks to buy a stake of up to 25 percent, which could be worth around $10-15 billion, valuing the Indian company’s refining and petrochemicals businesses at some $55-60 billion. Aramco is expanding its refining and petrochemical business globally by signing new deals and boosting the capacity of its existing plants.

However, the planned refinery faces delays, as thousands of farmers have refused to surrender land for it and the Maharashtra government is looking to move the plant’s location.

 

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