India’s Reliance Industries is in talks with BP about buying the British oil company's petrochemical plant in Malaysia, India's Economic Times newspaper reported Thursday.

Executives from Reliance Industries and BP have held talks in Hong Kong about BP's purified terephthalic acid plant in Malaysia, which has an annual capacity of around 610,000 tons, the newspaper said, citing an unidentified investment banker.

“BP will never comment on speculation,” Zukifli Othman, BP Malaysia's manager for communications & external affairs, said in the report.

A Reliance Industries spokesperson didn't respond to requests for comment, the newspaper said.

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