Reliance (RIL) and Saudi Aramco had entered into a non-binding Letter of Intent in August 2019 to acquire a potential 20% stake in RIL’s O2C business.  (Deposit Photos)
India: Oil-to-Chemicals Business

Reliance Calls Off 15 Billion Dollar Saudi Aramco Deal, Will Re-Evaluate Stake Sale in O2C Business

Reliance Industries Ltd (RIL) and Saudi Aramco have mutually called off the 15-billion-dollar deal under which Saudi Aramco would acquire a 20% stake in the company’s oil-chemicals (O2C) business. The move has been undertaken in the background of RIL’s evolving nature of the business i.e. the company unveiled plans for its new energy & materials businesses under which the firm intends to develop the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, Gujarat, India, which is a major part of the its oil-to-chemicals (O2C) assets. Now, RIL and Saudi Aramco will re-evaluate the proposed investment in the O2C business.

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