Lawstreet Journal

RIL to Sell 20 Percent Stake in Its Oil-To-Chemical Business to Saudi Aramco: Mukesh Ambani

Lawstreet Journal 25 Jun 2020 1:22am

Image courtesy: Lawstreet Journal Business RIL to Sell 20 Percent Stake in Its Oil-To-Chemical Business to Saudi Aramco: Mukesh Ambani

On Tuesday 23 June 2020, Reliance Industries Ltd. Chairman, Mr. Mukesh Ambani, said that the oil-to-telecom conglomerate is working on a USD 15 billion deal, based on an enterprise valuation of USD 75 billion, with the global oil giant Saudi Aramco. RIL is planning to sell 20 percent stakes in its oil-to-chemical business in order to fulfill its promise of becoming a net debt-free company till March 2021.

In August 2019, Ambani talked about sales of 20 percent stakes its O2C business that comprises its twin oil refineries situated at Jamnagar, Gujarat, and other petrochemical assets to the world’s largest oil exporter. The deal was to be concluded by March 2020; however, it got delayed due to the coronavirus crises. Till now the company has not given any timeline for its completion.

In a letter to the shareholders, in the company’s annual report, Mukesh Ambani said, “In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value accretive crude grades and enhanced feedstock security for higher oil to chemical conversion.”

“Reliance and Aramco share a common outlook and vision on the evolution of the business in the future with an emphasis on higher oil to chemical conversion,” said Reliance in its annual report. It further said that with the conclusion of this deal, Aramco would not just have a stake in one of the world’s best refineries and the largest integrated petrochemical complex but… Continue Reading...

Tagged: Reliance Industries   Reliance Industries Limited  
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