Aramco negotiates purchase of slice in the indiana refining business Reliance

Dubai/NEW DELHI (Reuters)-State oil giant Saudi Aramco, the world's largest producer, is in talks to buy a minority share in the business of refining and petrochemicals of indiana Reliance Industries Ltd., said knowledgeable sources the subject on Wednesday. The local newspaper Times of India had published before that Aramco was in talks to buy up to 25% of the company, in a deal valued at between 10:15 billion, which would put the value of refining and petrochemical unit at between 55 and 60 billion c homes. Discussions of Aramco with Reliance are "serious," said a source. Another source said that the talks with Reliance so far are for a participation of 25% in the business. " Reliance offered an integrated business-a slice in existing refineries and the planned refinery to 600,000 barrels per day (Jamnagar), as well as petrochemical business ", said the second source. The Chief Executive of Aramco, Amin Nasser, said in February that the company was in talks about possible Saudi investment in Indian projects involving companies including Reliance. The Aramco and Reliance refused to comment on Wednesday. Reliance, controlled by the man more Rico Asia, Mukesh Ambani, is the largest refining and petrochemical company of India. It operates a refining complex of 1.4 million barrels per day at Jamnagar, for which there are plans to expand to 2 million bpd to 2030. The Aramco has expanded its business in refining and petrochemicals in the world, with the signing of new businesses and the expansion of plants existing.