TIWN
New Delhi, March 23 (TIWN) Saudi Aramco's conference call indicated that it is still in discussion with Reliance to evaluate the existing opportunities as potential partners, regarding the non-binding MoU signed with Reliance for its oil to chemicals (O2C) business.
Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of 20% stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed.
"Saudi Aramco's CY20 conference call indicated that it is still in discussion with Reliance to evaluate existing opportunities as potential partners, regarding the non-binding MoU signed with Reliance for its O2C business," Morgan Stanley said in a note.
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