Saudi Aramco confirms continuing search for investment opportunities in India

Saudi Aramco has confirmed its intention to continue searching for investment opportunities in India with its potential partners, including Reliance Industries, due to the promising long-term opportunities that the country provides.

This came after Reliance announced that it had agreed with Aramco to cancel the non-binding agreement between them signed in August 2019, which required Aramco to acquire 20% of the operations of its oil-to-chemicals subsidiary in a deal worth $15 billion.

The decision follows Reliance’s recent consolidation of its plans to develop mega green energy projects at a complex in Jamnagar that will become one of the world’s largest integrated renewable energy manufacturing facilities.

Reliance confirmed that it will continue to be the preferred partner for Aramco in India, stressing that it will work with it and with SABIC with the aim of investing in the Kingdom.

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