A transaction would boost Aramco’s sales of crude to India
Aramco’s gearing fell to 19.4 per cent from 23 per cent at the end of 2020
A deal with Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers
The deal comes days after the emirate’s Mubadala Investment spent $1.2bn on a 1.85 per cent stake in Jio
Facebook invested $5.7bn in Jio in April for a roughly 10 per cent stake
In August, Reliance valued its oil-to-chemicals division at $75bn including debt, implying a $15bn valuation for a 20 per cent stake
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