August 12, 2019 / 1:52 PM / 5 months ago

Saudi Aramco says in early talks over India's Reliance stake

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah

DUBAI (Reuters) - Saudi Aramco has signed a letter of intent with India’s Reliance (RELI.NS) to potentially buy a stake in its refining and petrochemicals business but talks are at “a very early stage”, a senior Aramco executive said on Monday.

“This is very, very early stages of the deal that would allow us to conduct required due diligence going forward,” Khalid al-Dabbagh, senior vice president of finance, told an analyst call after the company reported first half results.

Reporting by Hadeel al-Sayegh and Rania El Gamal; editing by Deepa Babington

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