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Aramco in talks to acquire 30% share in Indian petchem project

Saudi Aramco is in advanced talks to acquire up to 30% stake with a key management role in a petrochemicals project in India, the Economic Times has reported, citing a source close to the deal. Aramco is negotiating with ONGC Petro additions Ltd (OPaL) for the stake that can pave the way for the state-owned oil producer's entry into the Indian oil and gas sector. "Saudi Aramco is likely to pick up a significant minority stake between 20% and 30 % in OPaL and will become a strategic investor in the company," the person said. The Gujarat project, likely to be completed by 2014, is being funded with a debt-equity ratio of 60:40.