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  • 21-11-21

    India’s Reliance to let go of USD15b contract with Saudi Aramco

    (MENAFN) India’s Reliance Industries Ltd. Announced that it is dropping a USD15 billion agreement for Saudi Aramco to purchase a 20 percent share in its crude refining and chemicals entity.

    The companies contracted a letter of intent two years ago for Saudi Aramco, the largest oil exporter in the world, to obtain a 20 percent share of the oil-to-chemicals industry of Reliance.

    However, Reliance and other huge Indian companies have since spent billions of dollars into green energy as the government drives to decrease its need on imported fossil fuels and as the nation’s towns are being surrounded with contamination.

    On Friday, Reliance stated, “due to (the) evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn.”

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