The media is rife with speculation of a supposed Saudi Aramcoinvestment in an Indian company.
According to the Financial Times, Saudi Aramco is in talks with India’s Reliance Industries to obtain a stake in the latter’s refining and petrochemical business.
The newspaper reports that Saudi Aramco is looking a 25% stake valuing somewhere in between $10 – 15 billion.
Reliance Industries runs India’s largest refining and petrochemical complex that processes about 1.4 million barrels of oil a day.
This won’t be Saudi Aramco first investment in India as they already have committed along with a consortium of companies to build a refinery and petrochemicals complex in the state of Maharashtra. T
he cost of the project was pegged at a whopping $44 billion.
None, of the companies, have responded to the speculated deal yet but there sure seems to be something cooking up as the owner of Reliance Industries, Mukesh Ambani, has already visited Saudi Arabia at least twice since December.