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According to media reports, Goldman Sachs has been appointed as a banking advisor in a “serious discussion” involving Saudi Aramco to acquire 25% stake in the refining and petrochemical business of Reliance Industries. 

Some speculations are calling for a preliminary agreement on valuation to be submitted by June, which could reach USD10-15 billion. 

On 28 March, Saudi Aramco announced the acquisition of 70% stake in Saudi Arabia Basic Industries Corporation (SABIC) for USD 69.1 billion.  – which is expected to become a major consumer for crude oil in the future.        

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