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

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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