Reliance-Aramco stake sale talks to continue, says Saudi’s Falih
Saudi Arabia’s Energy Minister Khalid al-Falih said that the state-run Saudi Aramco’s talks with Reliance Industries to buy a minority stake in the Indian conglomerate’s refining assets have not stalled.
“The two companies, Reliance and Aramco, are talking with a lot of goodwill, with good intention,” al-Falih told Reuters in an interview on Thursday.
Reliance, controlled by Asia’s richest man Mukesh Ambani, operates the world’s biggest refining complex with capacity to process 1.4 million barrels per day (bpd) of oil at Jamnagar, Gujarat.
State-owned Aramco, the world’s biggest oil producer, plans to boost investment in refining and petrochemicals to secure new markets for its crude amid a recent demand slowdown.
