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1-min read

Saudi Aramco Says in Early Talks Over Reliance Stake

The deal, which is in a very early stage, would allow the company to conduct required due diligence going forward.

Reuters

Updated:August 13, 2019, 3:19 PM IST
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Saudi Aramco Says in Early Talks Over Reliance Stake
The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia. (Reuters/Ahmed Jadallah/Files)
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Dubai: Saudi Aramco has signed a letter of intent with Reliance to potentially buy a stake in its refining and petrochemicals business but talks are at "a very early stage", a senior Aramco executive said on Monday.

"This is very, very early stages of the deal that would allow us to conduct required due diligence going forward," Khalid al-Dabbagh, senior vice president of finance, told an analyst call after the company reported first half results.

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