Agreement will bring Aramco a significant chunk of the world’s largest integrated refinery/petchems plant and tie up 500,000 b/d of crude oil sales.

Saudi state integrated petroleum firm Aramco and India’s Reliance Industries signed a non-binding letter of intent on 12 August for a proposed $15bn investment in the Indian firm’s refining, petrochemicals and fuels marketing business.

Reliance says that Aramco’s potential 20% stake is based on an enterprise value of...