Saudi Aramco remains in discussion with Reliance Industries for a potential deal to buy a 20 per cent stake in its oil-to-chemicals (O2C) unit, Morgan Stanley said on Monday citing the Saudi firm’s analyst call post announcing 2020 earnings.
Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world’s largest oil exporter. The deal was to conclude by March 2020 but has been delayed.
“Saudi Aramco’s calendar year 2020 conference call indicated that it is still in discussion with Reliance to evaluate existing opportunities as potential partners, regarding the non-binding MoU signed with Reliance for its O2C business,” Morgan Stanley said in a note.
