Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), on Thursday, said he expects the company’s deal with Saudi Aramco to materialise this year.
Meanwhile, Yasir Al-Rumayyan, chairman of Saudi Aramco and the Governor of the Public Investment Fund, joined the board of Reliance as an independent director.
Speaking at the company’s annual general meeting, Ambani said “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business.” Despite several challenges due to covid-19, “we have made substantial progress in the past year in our discussions”, he added.
RIL had in 2019 announced its interest to sell 20% stake in the company’s flagship chemicals and refining business to Saudi Aramco in a deal valued at $15 billion.
Last fiscal, RIL carved out its oil-to-chemicals business into a separate entity, to facilitate the onboarding of strategic partners like Aramco.
O2C undertaking of the company comprises of entire oil-to-chemicals business consisting of refining, petrochemicals, fuel retail & aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities.
O2C’s aim, RIL said, is to maximize crude to chemicals conversion while creating a sustainable growth business.
