Saudi Aramco hints talks are on with RIL for O2C business: Morgan Stanley

Recently, Reliance Industries announced carving out of the O2C business as a separate subsidiary to support strategic partnerships

Saudi Aramco, world’s largest oil-producing company, remains in discussion with Reliance Industries (RIL) for potential partnership, Morgan Stanley said on Tuesday in its report titled "Takeways from Saudi Aramco conference call".

"With asset prices, industry outlook, and margins back to August 2019 levels, we see a revival of the earnings upgrade cycle, led by energy. Multiples should surprise positively too as clarity on new energy investments rises," it said.

Saudi Aramco's CY20 conference call indicated that it is still in discussions with Reliance to evaluate existing opportunities as potential partners, regarding the non-binding MoU signed with Reliance for its oil-to-chemicals