Govt offers 10% in IndianOil plant to Saudi Aramco
New Delhi   26-Feb-2010
The government has offered a 10% stake in the upcoming Paradip Refinery of state-run IndianOil to Saudi Aramco for around $650 million (around Rs 3,000 crore); a government official told reporters on Thursday. "Historically, the Saudis have been interested in investing in refineries and distribution but distribution at the moment in India is not viable (due to government-regulated fuel prices)," he said. The discussions would continue during Prime Minister, Mr. Manmohan Singh's visit to Saudi Arabia from February 27, 2010, the official said.