Deals
Saudis in Talks to Buy 20% Reliance Oil Refining Stake
- Reliance to sell of 20% of oil-to-chemicals division to Aramco
- Deal includes 1.24 million barrels-a-day Jamnagar complex
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The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery.
Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Reliance Chairman Mukesh Ambani said at the company’s annual general meeting in Mumbai. Reliance values its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the stake.