Saudi Aramco continues to explore investment opportunities in India: report

Logo of Saudi Aramco

Saudi Aramco said it will continue to look for investment opportunities in India as it provides tremendous growth opportunities over the long term, Bloomberg reported.

"We will continue to evaluate new and existing business opportunities with our potential partners," the giant oil company said, adding that it has a long-term relationship with India's Reliance Industries Limited (RIL).

RIL recently announced that it reached an agreement with Saudi Aramco, under which the former will not continue with talks and procedures of selling its stake in oil-to-chemicals (O2C) business to the latter.

In August 2019, the companies signed a non-binding letter of intent for a potential 20% stake acquisition by Saudi Aramco in the O2C business of Reliance.