Reliance Aramco News

Last week, Reliance and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of Reliance due to valuation concerns.

The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables.

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the conglomerate due to valuation concerns, sources with knowledge of the matter said.

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn its application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business, following a mutual decision with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of Reliance's new energy business plans and the ''evolvi...

Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending a shareholder approval on the decision.

India urged refiners to diversify crude sources to cut reliance on the Middle East and directed them to reduce intake of Saudi oil. The refiners cut purchases by over a third in May.

Reliance Industries' shares declined 5% after Mr Ambani's announcement

Mr Ambani is restructuring Reliance Industries to facilitate the planned strategic investments in group businesses - Reliance Jio, Reliance Retail, refining and petrochemicals. The conglomerate aims to be a zero net debt company in 18 months and is in discussion to sell 20 per cent oil-to-chemicals business to Saudi Aramco, at an enterprise value o...

Saudi Aramco, which kicked off the final phase of its $25 billion IPO on Sunday, has been noncommittal on purchasing a stake in Bharat Petroleum Corporation Limited (BPCL) as it is reportedly focusing on purchasing a 20 per cent stake in Reliance Industries' oil to chemical division.

RIL plans to sell a 20 per cent stake at an enterprise value of $75 billion. It will also source 500 kbpd of oil from Saudi Aramco.

In addition, RIL has announced it will sell a 49 per cent stake in its fuel marketing business in India to BP plc for $1 billion.

Last week, Reliance and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of Reliance due to valuation concerns.

The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables.

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the conglomerate due to valuation concerns, sources with knowledge of the matter said.

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn its application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business, following a mutual decision with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of Reliance's new energy business plans and the ''evolvi...

Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending a shareholder approval on the decision.

India urged refiners to diversify crude sources to cut reliance on the Middle East and directed them to reduce intake of Saudi oil. The refiners cut purchases by over a third in May.

Reliance Industries' shares declined 5% after Mr Ambani's announcement

Mr Ambani is restructuring Reliance Industries to facilitate the planned strategic investments in group businesses - Reliance Jio, Reliance Retail, refining and petrochemicals. The conglomerate aims to be a zero net debt company in 18 months and is in discussion to sell 20 per cent oil-to-chemicals business to Saudi Aramco, at an enterprise value o...

Saudi Aramco, which kicked off the final phase of its $25 billion IPO on Sunday, has been noncommittal on purchasing a stake in Bharat Petroleum Corporation Limited (BPCL) as it is reportedly focusing on purchasing a 20 per cent stake in Reliance Industries' oil to chemical division.

RIL plans to sell a 20 per cent stake at an enterprise value of $75 billion. It will also source 500 kbpd of oil from Saudi Aramco.

In addition, RIL has announced it will sell a 49 per cent stake in its fuel marketing business in India to BP plc for $1 billion.