Aramco eyes Reliance stake purchase: report

Saudi Arabia

RIYADH, April 17, 2019 – Saudi Aramco is in talks to purchase a stake in Indian refining and petrochemicals major Reliance Industries, international media reported on Wednesday.

Talks between the companies have been ongoing for some time, and the Saudi NOC is seeking a stake greater than the 10-20% on offer, a source told the Financial Times.

Aramco and Abu Dhabi’s ADNOC are partners in a mega-refining complex under development in Ratnagiri in India. ADNOC was reported to be in similar discussions with Reliance, but did not comment on the matter.