Bloomberg: Aramco has Billions to Spare for Indian Reliance Share
Saudi Arabia’s state oil company Saudi Aramco is willing to pay tens of billions of dollars for a stake in the oil refineries and chemicals arm of Indian conglomerate Reliance.
Bloomberg news agency reports based on insiders that the two companies are in advanced negotiations.
Saudi Aramco, the world’s largest oil company, targets a 20 percent stake in Reliance’s petrochemicals arm. For Reliance, the deal means the security of supply for its massive refineries.
Reliance would receive between 20 billion and 25 billion dollars in Saudi Aramco shares in exchange for the interest. A deal could be reached in the coming weeks, according to the sources. However, they warn that nothing is certain yet.
Reliance is a conglomerate active in areas such as energy, chemicals, telecommunications, financial services and retail. Owner Mukesh Ambani, the founder’s son, is Asia’s richest man.