Saudi Aramco in talks to buy stake in Reliance Industries' refining and petchem businesses - sources

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo - Copyright Hamad I Mohammed(Reuters)

By Reuters

Published on 17/04/2019 - 13:35•Updated 10/05/2024 - 13:15

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DUBAI (Reuters) - State oil giant Saudi Aramco, the world's biggest oil producer, is in talks to buy a stake in the refining and petrochemicals businesses of India's Reliance Industries, two sources familiar with the matter told Reuters on Wednesday.

The Times of India reported earlier that Aramco was in talks to buy up to a 25 percent stake, which could be worth around $10-$15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to $60 billion (£46 billion).

Aramco did not immediately respond to a request for comment.

(Reporting by Rania El Gamal and Nidhi Verma; Editing by Mark Potter)

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