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HomeBusinessAfter Reliance scraps deal Aramco is eyeing new investments in India

After Reliance scraps deal Aramco is eyeing new investments in India

RIYADH: According to Bloomberg, Saudi Aramco said it will continue to search for investment options in India, days after Reliance Industries scrapped plans to sell a share in its oil-to-chemicals operation to the Middle Eastern giant.

“India provides great long-term growth prospects,” Aramco said in a statement released on Sunday, adding that it will continue to examine new and current business opportunities with possible partners.

Also read: Aramco considers opening up $110 billion gas project to investors

According to Bloomberg, Aramco signed a non-binding letter of intent in August 2019 for a potential 20% investment in Reliance Oil to Chemicals, valued at over $15 billion.

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.

Also read: Oil & Gas Development Company likely to give PKR 4.00/share in 4QFY21

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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