Saudi Aramco in parleys with Reliance for stake in refinery-petchem complex

New Delhi: Saudi Aramco, the world's largest oil exporter, is in talks to buy stake in Reliance Industries' oil refineries and petrochemical complex, sources privy to the development said.

Aramco opened talks with Reliance as $44-billion mega refinery-cum-petrochemical complex, where it was taking a 50 per cent stake along with UAE's ADNOC, got delayed after ruling BJP-government scrapped plans to acquiring land for the project in coastal Maharashtra.

The sources said talks have been going on for few months now but there is nothing concrete that has materialised just as yet.

Reports suggested Aramco may take 25 per cent stake for $10-15 billion but sources discounted such a valuation saying market capitalisation of Reliance at Tuesday's closing price on BSE was over Rs 8.5 lakh crore, at least half of which or Rs 4.25 lakh crore (about $60 billion) would be coming from refinery and petrochemical business.

A 25 per cent stake would translate into $15 billion without even considering any premium of giving a firm a foothold into a well-established business in the world's third largest energy consuming nation, they said.