The deal was to be concluded by
March 2020 but has been delayed.
Oil-to-telecom
conglomerate Reliance
Industries Ltd (RIL) on Tuesday said it is working to complete contours of
a USD 15-billion deal with Saudi Aramco but did not give a timeline for its
completion.
Richest Indian
Mukesh Ambani in August last year announced talks for sale of 20 per cent stake
in the oil-to-chemical (O2C) business, which comprises its twin oil refineries
at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil
exporter. The deal was to be concluded by March 2020 but has been delayed.
"Reliance is
working to complete the contours of a strategic partnership with Saudi
Aramco," Ambani said in the firm's latest annual report without giving
timelines.
The partnership
with Aramco would give Jamnagar refineries "access to a wide portfolio of
value-accretive crude grades and enhanced feedstock security for a higher
oil-to-chemicals conversion," he said.
Reliance executed
on the next phase of its growth journey in 2019-20, forging transformative
partnerships across businesses.
"Reliance and
Aramco share a common outlook and vision on the evolution of the business in
the future with emphasis on higher oil-to-chemicals conversion," the firm
said in the annual report.
Also, the firm
said it has formed a 51:49 joint venture with BP plc of the UK for automobile
and aviation fuel business in India.
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