Saudi Aramco remains in discussion to pick stake in Reliance unit
Saudi Aramco remains in discussion with Reliance Industries Ltd for a potential deal to buy a 20 per cent stake in its oil-to-chemical (O2C) unit, Morgan Stanley said on Monday citing the Saudi firm’s analyst call post announcing 2020 earnings.
Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of 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.
