Reliance Industries (RIL) announced that the proposed deal with Saudi Aramco will likely be finalised this year during the 44th annual general meeting (AGM) on Thursday. “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business," Mukesh Ambani, chairman and managing director of Reliance Industries shared while revealing the company’s future plans.
Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the Kingdom’s wealth fund Public Investment Fund will join the board as an independent director, he mentioned. “He is one of the most renowned names in energy and finance 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," Ambani added.
“His joining our Board is also the beginning of internationalisation of Reliance. You will hear more about our international plans in the times to come," Reliance chairman further mentioned.
Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business to the world’s largest oil exporter.
Reliance MD further added that the company’s “O2C business faced unprecedented challenges as the beginning of the year was marked by severe economic contraction, leading to demand destruction and supply chain dislocations."
“We focussed on safe operations of all our facilities. We were probably the only company globally that operated its facilities at near full capacity and was profitable in every quarter," he said during the 44th RIL AGM.