MUMBAI (Reuters) — 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 per cent, which could be worth around $10-15 billion, valuing the Indian company’s refining and petrochemicals businesses at some $55-60bn.
Aramco’s discussions with Reliance were “serious”, one source said. Another source said talks with Reliance were so far for a 25pc stake.
Aramco and Reliance declined to comment.