$15 Billion Oil Deal With Aramco To Complete This Year: Mukesh Ambani

Yasir Al-Rumayyan, chairman of Saudi Aramco and Governor of the Kingdom's wealth fund, Public Investment Fund, has joined the board of Reliance Industries

The $15 billion oil deal with Aramco will be completed this year, Mukesh Ambani said at the 44th Annual General Meeting of Reliance Industries. The announcement came in wake of the induction of Yasir Al Rumayyan into the board of Reliance Industries as an independent director. Reliance Industries will sell 20 per cent stake in its oil-to-chemicals business, comprising oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. This is the second year in a row that the annual event was held virtually due to the Covid-19 outbreak. Speaking about Yasir Al Rumayyan, Mukesh Ambani said he was "delighted to welcome Saudi Aramco chairman on Reliance Industries board." Yasir Al-Rumayyan is the chairman of Saudi Aramco and Governor of the Kingdom's wealth fund, Public Investment Fund. "He (Yasir Al Rumayyan) is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest Sovereign Wealth Funds in the world," Mr Ambani emphasized.