State-run oil giant Saudi Aramco [IPO-ARMO.SE] is in talks with several Indian refiners and hopes to land a joint venture deal by next year, the company’s chief executive told Reuters on Sunday. Aramco, like other major oil producers, wants to tap rising demand growth opportunities and invest in the world’s third biggest consumer.
Aramco plans to float up to 5 percent of its shares in 2018 in what could be the world’s largest IPO, raising as much as $100 billion. India’s oil minister Dharmendra Pradhan, who inaugurated Aramco’s India unit, said Aramco is interested in investing in refinery projects in the Asian country and “very soon they will come to India.”
Aramco wants to buy a stake in the planned 1.2 million barrels per day (bpd) refinery in India’s west coast, the minister added. Earlier this year Saudi Arabia pledged billions of dollars of investment in projects in Indonesia and Malaysia to ensure long-term oil supply deals.
Source Credit: Reuters
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