Ruias Said to Hold Refinery Talks With Aramco, NIOC

Bloomberg Feb 3,’16

Ruia brothers  has held preliminary discussions with the national oil companies of Saudi Arabia and Iran about selling a stake in its refinery business, people with knowledge of the matter said. Exploratory talks began last month between Saudi Arabian Oil Co. and the Indian conglomerate about a stake in Essar Oil Ltd., which has a market value of about $5.5 billion. Essar Group officials discussed a potential deal during a meeting with Aramco executives at the World Economic Forum in Davos, three of the people said, asking not to be identified as the information is private.