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Aramco Plans to Buy Reliance Refining Stake as Earnings Drop

  • Saudi giant in talks for a 20% share of oil-to-chemicals unit
  • State-owned company reports financials ahead of planned IPO
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Saudi Aramco plans to buy a stake in the refining and chemicals unit of Reliance. Bloomberg’s Matthew Martin reports.Source: Bloomberg
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Saudi Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd., moving to diversify from Saudi Arabia as its first half-year earnings report showed a drop in net income.

The purchase by Aramco, the largest oil exporter and the most profitable company in the world, precedes a planned public offering that could be held as early as next year. Profit slid 12% to $46.9 billion in the first six months as crude prices fell and costs rose, the state-owned company said Monday.