Saudi Aramco plans new investments in India after deal with Reliance, Energy News, ET EnergyWorld breaks
“India offers huge opportunities for long-term growth,” Aramco said in a statement Sunday. He “will continue to assess new and existing business opportunities with our potential partners.”
Aramco signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance’s oil-to-chemicals unit, valued at around $ 15 billion. Reliance said the companies would pull out of the deal on Friday.
“Reliance and Aramco have a long-standing relationship and will continue to seek investment opportunities in India,” said Aramco.
Reliance, in its statement, also said it would continue to be Aramco’s preferred partner in India and that it “has committed” to a pact with the company, without specifying further.
As recently as June of this year, Reliance said it plans to finalize the investment deal with Aramco and appointed the latter’s chairman, Yasir Al-Rumayyan, as an independent director on its board of ‘administration.
This rekindled hopes for a deal after Mukesh Ambani, Asia’s richest person, said in 2020 that the pandemic and its impact on fuel demand created obstacles for the deal.