Saudi Aramco, the world’s largest oil exporter, is doing due diligence on buying a $15 billion stake in Reliance Industries Ltd’s refining and petrochemical business, its CEO Amin Nasser said.
Billionaire Mukesh Ambani had in August last year announced plans to sell to Aramco a 20 per cent stake in RIL’s oil-to-chemical (O2C) business, which he valued at $75 billion. The deal was to close by March 2020 but has been delayed.
“With regard to the Reliance deal, all I can say at this stage (is that) it’s going through the due diligence,” Nasser said in June quarter earnings call with investors.
“So, depending on the due diligence, we will make our decision after we complete the due diligence on that deal.”
