Saudi Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd.’s oil refining and chemicals business for about $20 billion to $25 billion in Aramco’s shares, Bloomberg News reported on Aug. 16.
An agreement could be reached as soon as the coming weeks, according to the report, which cited people with knowledge of the matter.
Aramco and Reliance declined to comment.
Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Aramco for $15 billion in 2019, but the deal stalled after oil prices and demand crashed last year due to the pandemic.
During Aramco’s earnings briefing earlier in August, CEO Amin Nasser said the company was still doing due diligence on the deal.
In late June, Reliance’s billionaire chairman Mukesh Ambani said it hopes to formalize its partnership with Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director.
Reliance shares were up 2% at 2,187.80 rupees on Aug. 16.
Recommended Reading
California Resources Advances California’s First CCS Project
2025-01-06 - California Resources Corp. will invest between $14 million and $18 million to capture the CO2, the company said in a news release.
SLB Capturi Completes Its First Modular Carbon Capture Plant
2025-01-23 - The Netherlands facility will capture up to 100,000 metric tons of CO2 annually, SLB said in a news release.
Infinium, Summit Carbon Solutions Join Forces to Advance Efuels
2025-02-05 - Infinium will supply up to 670,000 metric tons of CO2 to Summit Carbon at a eFuels facility.
Tallgrass Secures Rights of Way for Green Plains’ Trailblazer CCS Project
2025-01-16 - Green Plains’ Trailblazer project will transport captured biogenic CO2 from a number of Nebraska ethanol facilities to sequestration wells in Wyoming.
Carbon TerraVault Receives California’s First Class VI Permits from EPA
2024-12-31 - The Environmental Protection Agency granted California Resources Corp.’s Carbon TerraVault Class VI well permits for the underground injection and storage of CO2.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.