Reliance Industries expects Saudi Aramco deal to formalise this year

Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15bln in 2019 to Aramco

  
Yasser al-Rumayyan, Saudi Aramco's chairman, gestures during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Image used for illustrative purpose.

Yasser al-Rumayyan, Saudi Aramco's chairman, gestures during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Image used for illustrative purpose.

REUTERS/Hamad I Mohammed

BENGALURU - Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate's board as an independent director.

"Al-Rumayyan joining our board is also the beginning of internationalisation of Reliance," Chairman Mukesh Ambani told shareholders on Thursday.

Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world's top oil exporting firm.

However, the deal stalled after oil prices and demand crashed last year due to the pandemic. 

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta) ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))


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