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Saudi Aramco to buy 20% stake in Reliance Industries’ O2C division

Mukesh Ambani was speaking at Reliance Industries’ AGM in Mumbai.

Reliance Industries Chairman Mukesh Ambani Monday announced that Saudi Arabia’s Aramco will invest for a 20 per cent stake in the companies oil to consumer pision. Ambani was speaking at Reliance Industries’ Annual General Body Meeting.

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In February this year, Saudi Aramco confirmed it was in talks with Reliance Industries it is in talks with Reliance Industries to invest in petrochemicals and refinery projects in the country.

Saudi Aramco CEO Amin Al-Nasser had said he remains positive on the firm s investment in India, and is working with partners.

Reliance operates two refineries at Jamnagar with a total capacity of 68.2 million tonnes per annum. Reliance plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from current 35.2 million tonnes, but does not have any plans to set up a new refinery in the country. It is presently focused on expanding petrochemical and telecom business, industry sources said.

India has a refining capacity of 247.6 million tonnes, which exceeded the demand of 206.2 million tonnes.

With agency inputs