Aramco eyes new investments in India after Reliance scraps deal

RIYADH: Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries cancelled a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company, Bloomberg reported.

“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday, adding: “It will continue to evaluate new and existing business opportunities with our potential partners.”

Aramco signed a non-binding letter of intent in August 2019 for a potential 20 per cent stake in the Reliance Oil to Chemicals unit valued at about $15 billion, according to Bloomberg.

Reliance said the companies will pull out of the deal on Friday.

“Reliance and Aramco have a longstanding relationship and will continue to look for investment opportunities in India,” Aramco said.

Reliance said in its statement that it will remain Aramco’s preferred partner in India, and is committed to an agreement with the company, without further details.

Recently, Reliance said it expects to finalise the investment deal with Aramco, and appointed Chairman Yasir Al-Rumayyan as an independent director on its board.

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