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Saudi Aramco secures 20% stake in Reliance Industries refining and petrochemical business

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13 August 2019

Saudi Aramco secures 20% stake in Reliance Industries refining and petrochemical business

Report summary

On 12 August 2019, Saudi Aramco signed a non-binding letter of intent to acquire a 20% stake in the refining, petrochemical and fuels marketing business of Reliance industries, which is to be carved out as a separate entity called - Oil to Chemicals. This will be one of the largest foreign investments ever made in India and brings to fore the growing importance of India in the refining and petrochemical sector.

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