, Columnist
Saudi Aramco Bets $15 Billion on India’s Crude Habit
The investment in Reliance’s petroleum business is likely to pay for itself even as the country works to cap its dependence on oil.
India still has a thirst for oil.
Photographer: -/AFP/Getty Images
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If big is beautiful, oil deals don’t come much prettier than Saudi Arabian Oil Co.’s plan to buy 20% of Reliance Industries Ltd.’s petroleum business.
The transaction will give the world’s biggest oil producer a one-fifth stake in the world’s biggest oil refinery at a $75 billion enterprise value, equivalent to $15 billion for Aramco’s stake.