Aramco to Buy Stake in Reliance Industries Oil, Chemicals Unit - Bloomberg:
Saudi Aramco continued its push into Asian oil refining with an agreement announced Monday to buy a 20% stake in Reliance Industries Ltd.’s oil-to-chemicals division at an enterprise value of $75 billion.
The deal, announced by Reliance Chairman Mukesh Ambani at the company’s annual general meeting in Mumbai, is the biggest foreign investment in the company’s history and covers all of Reliance’s refining and petrochemical operations, including the Jamnagar refinery, the world’s biggest. Aramco, the world’s biggest crude exporter, will also supply the refinery with 700,000 barrels of oil a day on a long-term basis, Ambani said.
The deal is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said.
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