Saudi Aramco has struck a $15 billion deal with Asia's richest man for a stake in the world's biggest refinery

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.  REUTERS/Ahmed Jadallah/File Photo

Reuters

  • Saudi Aramco has agreed to acquire a 20% stake in Reliance Industries' refining and petrochemicals business, which is valued at $75 billion.
  • The $15 billion deal between the world's largest oil producer and Asia's richest man, Reliance chairman and largest shareholder Mukesh Ambani, gives the Saudi Arabian company a stake in the world's biggest refinery.
  • Reliance will purchase 500,000 barrels of crude oil a day from Saudi Aramco as part of the deal.
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Saudi Aramco has agreed to acquire a 20% stake in Reliance Industries' refining and petrochemicals business, which is valued at $75 billion.

The $15 billion deal between the world's largest oil producer and Mukesh Ambani - Asia's richest man as well as Reliance's chairman and largest shareholder - gives it a stake in the Jamnagar Refinery in India, which can process an unmatched 1.2 million barrels of crude oil per day.Advertisement

Saudi Aramco's profits slumped 12% to just under $47 billion in the first half of this year, according to its earnings release.

"I am truly delighted to welcome Saudi Aramco, one of the largest business enterprises in the world, as a potential investor in our Oil to Chemicals division," Ambani said in a statement. "We have a long-standing crude oil relationship with Saudi Aramco and we would be happy to see this further strengthened with this investment."
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Reliance has agreed to purchase 500,000 barrels of crude oil a day from Saudi Aramco as part of the deal, Ambani said.

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