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Saudi Oil Giant Aramco To Take 20 Percent Stake In Reliance

Picture : Twitter / ANI
Picture : Twitter / ANI

RIL Chairman and Managing Director, Mukesh Ambani, has  announced that Saudi oil giant Aramco has agreed to take a 20 per cent stake in his flagship Reliance Industries’ oil refinery and chemical business at an enterprise value of $75 billion (around Rs 5,32,466 crore).

Making the announcement at Reliance Industries’ 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.

As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance’s twin refineries at Jamnagar in Gujarat.

Saudi Aramco will take 20 pe cent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm’s petrochemical complex.

The Saudi national oil company, along with its partner UAE’s Abu Dabhi National Oil Co has taken a 50 per cent stake in a planned $60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has a bullish outlook on India’s energy demand and is keen on investing here.

Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum.

It plans to expand its only-for-exports special economic zone refining capacity to just over 41 million tonne from current 35.2 million tonne but does not have any plans to set up a new refinery in the country.

It is currently focused on expanding petrochemical and telecom business

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