Saudi Aramco could join Reliance's board, valued at 15 billion

 

Mukesh Ambani had said in August 2019 that talks were underway with Saudi Aramco to sell a 20 per cent stake in oil to the chemical business. The agreement was supposed to be completed by March 2020 but for some reason it did not happen.

Before the 15 billion deal, Saudi Aramco chairman Yasir al-Rumayan could join Reliance's board. This is according to a report by HSBC Global Research. The report said Al Rumayan could be announced on the board of Reliance or on the board of the newly formed Oil to Chemical Unit at its annual general meeting on June 24. Some important announcements are also expected on the agreement between Reliance and Saudi Aramco.

Mukesh Ambani had said in August 2019 that talks were underway with Saudi Aramco to sell a 20 per cent stake in oil to the chemical business. The deal was supposed to be completed by March 2020, but for some reason it didn’t happen. Discussions have resumed this year. It is said that the two companies are in talks on a cash and equity deal for the deal.

Reliance and Saudi Aramco did not respond to emails sent for comment. The email sent to PIF also did not respond. PIF has previously held minority partnerships in Reliance Retail and Geo.

 Billionaire Mukesh Ambani had in August 2012 discussed selling a 20 per cent stake in the oil-chemical (O2C) business, which includes two oil refineries in Jamnagar, Gujarat and the world's largest oil exporter with petrochemical assets. Yes. The deal was due to expire by March 2020, but no company has commented on the reason for the delay.