- Saudi Aramco has agreed to acquire $ 75 billion in Reliance Industries' 20% owned refining and petrochemicals business Mukesh Ambani, the largest shareholder, gives the Saudi Arabian company a stake in the largest Refinery of the world.
- Reliance will buy 500,000 barrels of crude a day from Saudi Aramco as part of the deal.
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Saudi Aramco has agreed to acquire a 20% stake in Reliance Industries' refining and petrochemicals business, which has a value of $ 75 billion.
The $ 15 billion deal between the world's largest oil producer and Mukesh Ambani ̵
Saudi Arabian oil-titan has been heavily invested in refineries, according to Bloomberg, as it aims to double its daily processing capacity to as much as 10 million barrels of crude by 2030. In the meantime, Reliance has been trying to sell large parts of its assets, including mobile phone towers and gas fields, to reduce its debt, according to estimates by Bloomberg, $ 32 billion.
Saudi Aramco's profit fell 12% to just under $ 47 billion in the first half of this year.
"I am delighted to welcome Saudi Aramco, one of the largest commercial companies in the world, as a potential investor in our Oil to Chemicals business," Ambani said in a statement. "We have a long-standing crude oil relationship with Saudi Aramco, and we would be happy if this relationship were further enhanced by this investment."
Reliance has agreed to buy 500,000 barrels of crude a day from Saudi Aramco under the contract, Ambani said.
"Saudi Aramco's interest is a strong affirmation of the quality of our assets and operations as well as the potential of India," he added.