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Saudi Aramco in talks for 25% of Reliance refining, petrochemical units

April 19/2019

MOSCOW (MRC) -- Saudi Aramco, the world’s largest crude oil producer, is in "serious discussions" to acquire up to a 25% stake in Reliance Industries’ refining and petrochemicals businesses, reported Reuters with reference to the Times of India.

A minority stake sale could fetch around USD10 billion to USD15 billion, valuing the Indian company's refining and petrochemicals businesses at around USD55 billion to 60 billion, the report said.

The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.

Aramco’s interest in the operator of the world’s biggest refining complex comes after Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to Delhi in February when he said he expected investment opportunities worth more than USD100 billion in India over the next two years.

Separately, Saudi Aramco’s Chief Executive Officer Amin Nasser had met Reliance Chairman Mukesh Ambani to discuss the Saudi state-owned company’s businesses including crude, chemicals and non-metallics.

Aramco and Reliance were not available for comment outside business hours.

As MRC wrote previously, in October 2018, Saudi Aramco signed a long-term deal with Zhejiang Rongsheng to supply crude oil to the Chinese company’s new refinery in eastern China.

Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Reliance Industries, Saudi Aramco, India, China.
Category:General News
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