For Saudi Aramco, experts see this move as part of the country’s effort to de-risk its economy from oil’s uncertainties.
A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company’s refining and petrochemicals businesses at around $55 billion to 60 billion.
Overall, oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by OPEC.
Last November, Aramco’s chief executive Amin Nasser said the company will spend US$500 billion over the next ten years to expand internationally.
U.S Crude exports have also risen, breaking through 3 million bpd for the first time earlier this year.
Brent futures were down 3 cents at $69.28 a barrel by 0603 GMT.
Oil production from Russia, which has joined OPEC in agreeing to supply cuts to prop up prices, fell to 11.3 million barrels per day (bpd) last month, but missed the country’s target under the deal.
The decision was taken in the wake of a slight increase in the international crude price and currency devaluation.
Stock markets have been volatile this year amid signs of a sharp global economic slowdown.
Cairn India, a Vedanta company, had bagged the KG-OSN-2009/3 block in the eighth round of New Exploration Licensing Policy (NELP) in June 2010.