Saudi Aramco is still chasing a deal to buy a $15 billion stake in Reliance Industries' refining and chemicals business, according to a Bloomberg report. While Aramco is a major supplier of crude to India, Reliance sells petroleum products, including gasoline, to the kingdom.
The world's biggest oil exporter Saudi Aramco has said it is focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to 20 per cent stake in Reliance Industries' USD 75 billion oil-to-chemical business. In its latest annual report, Aramco said it is looking at investment opportunities in high-growth markets as well as nations that rely on importing crude oil.
It is short of the $2 trillion valuation that Crown Prince Mohammed bin Salman was reportedly keen to achieve.
In the 658 page prospectus launched on Sunday, Saudi Aramco highlighted its proposed investments in RIL in the column for proposed acquisitions.
An announcement from the kingdom's Capital Market Authority serves as a starting gun for an IPO promised by Crown Prince Mohammed bin Salman since 2016.
Final price for the stock will be set Dec 4, with shares then beginning to be traded on the Riyadh-based Tadawul stock market on Dec. 11. Saudi Capital Markets Authority will make a formal announcement about the IPO plans on Sunday.
Petrol price was on Sunday hiked by 27 paise to Rs 73.62 a litre in the Delhi market -- the benchmark for national rates, according to a price notification by state-owned oil firms.
Pradhan spoke to his Saudi counterpart on phone on Thursday to discuss in details of its supply plan in the aftermath of a massive attack on the Kingdom's crude oil facilities that wiped out as much as 5 million barrels per day of output.
U.S. Secretary of State Mike Pompeo on Wednesday called the attack on Saudi Arabia’s oil installations an “act of war” against the kingdom by Iran, as the Saudis displayed missile and drone wreckage and cited other evidence they said shows the raid was “unquestionably sponsored by Iran.”
Pompeo will travel to the Saudi city of Jeddah and Abu Dhabi, the capital of the UAE, on September 17-19, the US State Department said on Tuesday.
At the Interbank Foreign Exchange, the rupee opened at 71.83 then lost further ground and fell to an intra-day low of 71.98 against the US dollar.
Global oil prices are on the boil again in the aftermath of the largest ever-disruption in crude production post drone attacks in Saudi Aramco's two of the largest oil processing facilities.
Chinese benchmarks led declines in Asia after the credit ratings agency Moody's downgraded Hong Kong, citing its recent political turmoil.
India on Monday condemned the September 14 attacks on the Saudi Arabian oil fields and reiterated its resolve to oppose terrorism in all its forms and manifestations.
Drones claimed by Yemen’s Houthi rebels attacked the world’s largest oil processing facility in Saudi Arabia and a major oilfield operated by Saudi Aramco early Saturday, sparking a huge fire at a processor crucial to global energy supplies.
On August 12, 2019, Reliance announced that it has signed a non-binding letter of intent to sell a 20 per cent stake in its Oil to Chemical (O2C) business to Saudi Arabian Oil Company (Aramco).
Mukesh Ambani on Monday announced a deal with Saudi oil giant Aramco, which is highest FDI in India till date. Addressing shareholders at RIL AGM 2019, Ambani said Saudi Aramco has agreed to take a 20 per cent stake in his flagship Reliance Industries' oil refinery and chemical business.
Aramco opened talks with Reliance as USD 44-billion mega refinery-cum-petrochemical complex, where it was taking a 50 per cent stake along with UAE's ADNOC, got delayed after ruling BJP-government scrapped plans to acquiring land for the project in coastal Maharashtra.
Aramco, at a later date, plans to dilute some of its 50 per cent equity stake in the 60 million tonne-a-year refinery project in favour of another strategic investor.
Speaking at the India Energy Forum, Saudi Aramco CEO Amin H Nasser said the company is looking to invest in refineries and petrochemical projects in India.
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