The Middle Eastern energy firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion in Aramco’s shares. Addressing the shareholders in its 44th Annual General Meeting (AGM) in June, RIL had said that it hopes to formalise its partnership with Saudi Aramco by the end of 2021. Meanwhile, Yasir Al-Rumayyan, chairman of Saudi Aramco and the Governor of the Public Investment Fund, joined the board of Reliance Industries as an independent director. The oil-to-retail-to-telecom conglomerate had in 2019 announced its interest to sell 20% stake in the company’s flagship chemicals and refining business to Saudi Arabian oil company 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 onboarding of strategic partners like Aramco.

Source: Mint August 16, 2021 06:31 UTC