Saudi Aramco in talks with Reliance Industries, others to invest in oil

The world’s largest oil exporter, Saudi Aramco, on Wednesday said it was in talks with Mukesh Ambani-led Reliance Industries (RIL) and other companies to invest in India’s petrochemical and oil refinery sectors.

This is in addition to the $44-billion Ratnagiri refinery in Maharashtra, for which Saudi Aramco and UAE’s Adnoc are partnering with Indian oil marketing companies (OMC) such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation.

Top RIL executives met the Saudi delegation on Wednesday, said a person privy to the development.

The Saudi Arabian General Investment Authority (SAGIA) signed four investment agreements worth more than