New Delhi: Saudi Aramco, the world’s largest crude oil producer, is believed to be in talks with Reliance Industries to acquire a 25 percent stake in the conglomerate’s refining and petrochemicals businesses. According to a report published by The Times of India on Wednesday, a minority stake sale could fetch as much as $10 billion to $15 billion and could put the value of RIL’s petrochemical businesses at around $55 billion to 60 billion.
Agreement expected to be reached in June
An agreement on the valuation is expected to be reached in June, the report said, quoting sources aware of the development. Goldman Sachs has apparently been mandated to advise on the proposed deal.
Does it have something to do with MBS’ Feb visit?
Aramco’s interest in the world’s biggest refining complex seems to have been stoked after Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to Delhi in February. At the time, he had said that he expected investment opportunities worth more than $100 billion in India over the next two years.
Saudi Aramco’s Chief Executive Officer Amin Nasser had also met Reliance patriarch Mukesh Ambani to discuss Aramco’s businesses including crude, chemicals and non-metallics.
Neither Reliance nor Aramco has commented on the matter.