Saudi Aramco still in discussion to pick up stake in RIL’s O2C business

Energy major Saudi Aramco remains in discussion with Reliance Industries Ltd (RIL) for a potential deal to buy a 20% stake in its oil-to-chemical (O2C) unit, Morgan Stanley Research said on Monday in a note to clients.

The research firm cited Saudi Aramco’s analyst call post announcing its 2020 earnings this week.

“Saudi Aramco’s CY20 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.

RIL had announced plans to sell a 20% stake in its O2C business to Saudi Aramco as part of its deleveraging exercise in August 2019.