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Reliance refinery will increase production in the Aramco deal

Jun 24, 2020

Blogging Universe

Business : Reliance Industries chairman Mukesh Ambani said that, after the recent fund raising exercise, his company is now moving towards completing the deal with Saudi Aramco.

In August last year, fulfilling the promise made to its investors, Reliance Industries (RIL) has raised Rs 1,68,818 crore in the last two months. The amount is raised by bringing the country's largest rights issue and selling some stake in its subsidiary Jio Platform.

Reliance refinery will increase production in the Aramco deal

The company is now working towards fulfilling the next promise. That is, selling some of its business from oil to chemicals to Saudi Aramco.

Ambani said in the company's 2019-20 annual report that Reliance in the energy business is working on completing a strategic partnership framework with Saudi Aramco.

Reliance Industries chairman Mukesh Ambani said that, after the recent fund raising exercise, his company is now moving towards completing the deal with Saudi Aramco.

This partnership will allow our refineries to have a larger portfolio of value-efficient crude grades for greater oil-to-chemical conversion and greater feedstock protection.

RIL said last year that it was in talks with Saudi Aramco for a deal. Under this, it will sell a 20 per cent stake in its oil-to-chemical business at an enterprise value of $ 75 billion. The deal was earlier expected to be completed by March 2020.

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Reliance Industries RIL

Piyush Verma

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