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0.00024962556165757 0.000898652021967083 -0.000449326010983542 0.00226460309535694 0.000149775336994514 0.000848726909635484 0.00129805292061903 -0.000249126310534239
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Saudi Aramco aims to buy Reliance stake, reports lower earnings 10:43am EDT [Reuters]

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Saudi Aramco aims to buy Reliance stake, reports lower earnings - Reuters 6 Min Read DUBAI/MUMBAI (Reuters) - Saudi Aramco is planning a multibillion dollar investment in India’s Reliance Industries ( RELI.NS ) as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12%. In preparation for what could be the world’s largest initial public offering (IPO), state-run Aramco began publishing its results this year and also started issuing international bonds. The world’s top oil producer plans to launch an IPO by 2020-2021, having postponed its flotation from last year. Coinciding with the release of first half results, Aramco signed a letter of intent to take a 20% stake in Reliance’s oil-to-chemicals business in one of the largest ever foreign investments in India, Reliance said on Monday. Aramco’s Senior Vice President of Finance, Khalid al-Dabbagh, confirmed the letter of intent had been signed but added that talks with Reliance were at “very Show less Read more
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