Saudi Aramco chairman joins RIL board, deal expected this year: Mukesh Ambani at AGM

Saudi Aramco chairman joins RIL board, deal expected this year: Mukesh Ambani at AGM

In 2019, Reliance had announced Saudi Aramco would be acquiring a 20 per cent stake in the oil-to-chemical business.

Reliance Industries Chairman Mukesh Ambani on Thursday said that the deal with Saudi Aramco is expected to be finalised this year itself. "Continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner this year," Ambani said as he addressed the RIL's annual general meeting.

Giving further impetus to the deal, H.E. Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of PIF, has joined the board of Reliance Industries as Independent Director. "His joining our board is also the beginning of internationalisation of Reliance," Ambani said.

Saudi Aramco chairman joins RIL board, deal expected this year: Mukesh Ambani at AGM
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In 2019, Reliance had announced Saudi Aramco would be acquiring a 20 per cent stake in the oil-to-chemical business. The deal is yet to go through though, delayed in part due to the pandemic and the impact it had on oil prices last year.

He further added that BP and Reliance commenced its production in KGD6 basin. "Our JV brought two of our three toughest deep water gas projects to production. This has been accomplished in record time and set a new global benchmark for capital costs," he added.

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