CRUDE OIL and gas giant Saudi Aramco is in talks to acquire a minority stake in India’s Reliance Industries Limited (RIL), reports said today (17).
The world’s largest oil and gas company by revenue is likely to purchase a stake of up to 25 per cent worth £7.67billion -£11.50 billion in the refining and petrochemicals businesses of RIL, The Times of India reported.
The stake sale is expected to value the Indian company’s refining and petrochemicals businesses at some £42.17bn-£46bn.
RIL owns India’s biggest crude oil refinery in Jamnagar, Gujarat.
The Mukesh Ambani-owned refining and petrochemicals company plans to raise its production capacity to two million barrels per day by 2030.
In recent years, Saudi Aramco is expanding its refining and petrochemical business by boosting its production and signing new deals.