Working to Complete Contours of Saudi Aramco Deal, Says Mukesh Ambani

Business Standard Working to complete contours of Saudi Aramco deal, says Mukesh Ambani

The deal was to be concluded by March 2020 but has been delayed.

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Tuesday said it is working to complete contours of a USD 15-billion deal with Saudi Aramco but did not give a timeline for its completion.

Richest Indian Mukesh Ambani in August last year announced talks for sale of 20 per cent stake in the oil-to-chemical (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to be concluded by March 2020 but has been delayed.

"Reliance is working to complete the contours of a strategic partnership with Saudi Aramco," Ambani said in the firm's latest annual report without giving timelines.

The partnership with Aramco would give Jamnagar refineries "access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion," he said.

Reliance executed on the next phase of its growth journey in 2019-20, forging transformative partnerships across businesses.

"Reliance and Aramco share a common outlook and vision on the evolution of the business in the future with emphasis on higher oil-to-chemicals conversion," the firm said in the annual report.

Also, the firm said it has formed a 51:49 joint venture with BP plc of the UK for automobile and aviation fuel business in India.