The Saudi Arabian company Saudi Ramaco has taken over the 20% shares of Reliance Industries oil refinery and chemical businesses. The sale is worth 75 billion US dollar ( 5,32,466 crore rupees). The chairman of Reliance Industries, Mukesh Ambani has informed this in the 42nd annual general body of Reliance Industries. This is the biggest ever in the history of the company.
As per the deal, Saudi Aramco will give 5,00,000 barrel crude oil to Reliance. The crude oil will be given to the two oil refineries in Jam Nager, Gujarat.
The oil to the chemical division of Reliance is formed by joining the oil and petrochemical business of Reliance. This has earned a revenue of Rs.5.7 lakh revenue in the last year.
The Saudi Aramco and UAE’s national oil company Abu Dhabi National Oil Company (ADNOC) has acquired 50% stakes of a planned mega oil refinery cum petrochemical complex in Maharashtra. The project is owned by national owned companies. The project worth around $.60 billion.
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