Reliance Industries (RIL) Chairman Mukesh Ambani on August 12 announced that Saudi Aramco will invest 20 percent in RIL’s oil-to-chemicals (02C) division, at an enterprise value of $75 billion. He made this announcement at RIL’s 42nd Annual General Meeting, and said it was among India’s largest foreign direct investment till date, besides being the biggest foreign investment in the history of RIL..
The partnership will cover all of RIL's refining and petrochemicals assets, including 51 percent of the petroleum retail joint venture. Under the deal, Saudi Aramco will also supply 500 kbpd (thousand barrels per day) of crude oil on a long-term basis to RIL's Jamnagar refinery.
“This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex. Since its inception, our Jamnagar refinery has been processing Saudi oil every single day for 20 years,” Ambani said.
The deal is subject to due diligence, definitive agreements, regulatory and other customary approvals.
Ambani said he felt privileged to welcome Aramco, the largest business enterprise in the world, and thanked Prime Minister Narendra Modi and Prince Mohammad bin Salman Al Saud for laying the foundation for strategic cooperation between India and Saudi Arabia.
Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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