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Saudi Aramco is in advanced talks to acquire a 20% stake in India’s Reliance Industries Ltd.’s oil refining and chemicals business for about $20-25 billion worth of Aramco shares, Bloomberg reported, citing sources.

 

Reliance could reach an agreement with Aramco over the coming weeks, the sources added.

 

In June, Reliance Chairman Mukesh Ambani said that he expects the company to formalize its partnership and the oil-to-chemicals deal with Saudi Aramco this year, Argaam earlier reported.

 

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