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.
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.