UPDATE: Saudi Aramco reached agreement to acquire stake at India’s Reliance

It is reported that Saudi Aramco and Reliance Industries have reached an agreement to acquire 20% of stake in Reliance’s oil and chemicals business that worth USD 15 billion, including debts.

The deal, however, still subjects to due diligence and a definitive agreement, according to Reliance Chairman Mukesh Ambani.

Would the deal come through, Aramco owns stakes in a number of major petrochemical plants in the Middle East and Asia, including PetroRabigh, Sabic, Sadara, PrefChem, S-Oil, FREP and Reliance.