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.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals