Reliance, Aramco talks on refinery stake sale ‘stall’


Indian billionaire Mukesh Ambani’s Reliance Industries Ltd.’s talks to sell a minority stake in its refinery business to Saudi Arabian Oil Co. have stalled on differences over the deal’s structure, people with knowledge of the matter said.

Oil & Gas

Oil refiners shrug off agreement to remove US export limits


Restrictions on US crude exports may disappear. That doesn’t mean the sky is falling for refiners. A Bloomberg index of 11 US independent refiners rose 2.3 percent in New York Wednesday, after congressional leaders agreed on a deal to lift a 40-year ban on most oil exports. Some refiners, which process crude into gasoline and diesel, would get a tax break on the cost of transporting oil as part of the deal. The break is expected to be $119 million in 2016, or about 0.5 percent of next year’s combined pre-tax profits of the refiners in the index, according to government and analyst estimates.