Saudi Aramco is picking up 20 percent stake in Reliance Industries OTC Business
Reliance industries announced that Saudi Aramco will acquire 20 percent stake in Reliance oil to chemicals business. This deal is one of the biggest FDI investment till date and valued at USD 75 Billion. Reliance Oil- to-chemical division is a combination of refining and petrochemical business, where petroleum is converted into chemicals, In FY 2019, Oil to chemical segment of Reliance Industries Limited generated a revenue of INR 5.7 Lakh Crore. Further, as per the deal Saudi Aramco will supply 500,000 barrels per day of crude oil to Reliance industries Jamnagar Refinery on long term basis. Moreover, Reliance Industries being one of the major consumer of acetic acid for the production of PTA.