Saudi state integrated petroleum firm Aramco and India’s Reliance Industries signed a non-binding letter of intent on 12 August for a proposed $15bn investment in the Indian firm’s refining, petrochemicals and fuels marketing business.

Reliance says that Aramco’s potential 20% stake is based on an enterprise value of $75bn, making it “one of the largest foreign investments ever made in India.” The proposed investment will also see Aramco supplying 500,000 b/d of crude oil to Reliance on a long term basis. (CONTINUED - 637 WORDS)