Indian energy giant Reliance expects Saudi Aramco deal to formalize this year

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Reliance Industries Ltd said on Thursday it hopes to formalize its partnership with Saudi Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as anindependent director.

“Al-Rumayyan joining our board is also the beginning of internationalization of Reliance,” Chairman Mukesh Ambani told shareholders on Thursday.

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Reliance had announced a sale of a 20 percent stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world’s top oil exporting firm.

However, the deal stalled after oil prices and demand crashed last year due to the pandemic.

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