Aramco interested in buying minority stake in Repsol's renewable unit: Report

Saudi Aramco showed interest in acquiring a minority stake in the renewable unit of Spanish oil company Repsol, Reuters reported, citing two people familiar with the matter.

Repsol has opened its renewable projects to investors willing to take minority stakes in portfolios of wind farms and solar plants to help fund its diversification into renewables and low-carbon businesses away from its traditional oil and gas business, Reuters said.

The news agency added that Repsol Renewables is valued at 5.9 billion euros ($6.40 billion) including debt, according to a UBS research note issued in April.