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FINANCIAL NEWS
Aramco to buy 30 pct stake in Indian project
28 Aug 2013
(MENAFN) Aramco plans to buy a 30 percent stake in a petrochemicals project in India and is currently negotiating the purchase with ONGC Petro additions Ltd (OPAL), Saudi Gazette reported.
The agreement will be beneficiary for Aramco as oil exporters are seeking markets in Asia due to increased oil and gas production in the Americas leading to lower imports.
Currently, OPAL has a 26 percent stake in the project. GSPC and GAIL have a 5 per cent stake and a 15.5 percent stake respectively.
The project is to construct a petrochemical complex at the Dahej special economic zone in Gujarat.
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