1. Home
  2. Latest
  3. Business
  4. Saudi Aramco to take 20 percent stake in Reliances refinery

Saudi Aramco to take 20 percent stake in Reliances refinery

National   |   Glibs Quick   |   about 8 days ago

Mumbai. Mukesh Ambani on Monday announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore).

Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.

As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat.

 

Related News

Follow us
Copyright © 2019 GLIBS Quick
Powered By Shrikishan Media Pvt. Ltd.
Developed By Bizolution Technologies Pvt. Ltd.