Bengaluru, NFAPost: After unprecedented fundraising, billionaire and Chairman and Managing Director Mukesh Ambani said RIL is working to close the deal with Saudi Aramco.

“In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion,” Ambani said in RIL’s annual report for 2019-20.

RIL, last year, had announced 20 per cent stake sale in its oil-to-chemicals business at an enterprise value of $75 billion. The deal was expected to be closed by March 2020.

The weak oil prices due to Covid pandemic had raised doubts among investors on the conclusion of Reliance Industries Limited’s USD 15 billion deal with Aramco.

However, RIL saw enough reasons for Aramco to acquire a stake in RIL’s O2C business, which would provide the Saudi firm access not only to one of the world’s best refineries and largest integrated petrochemical complex, but also to one of the fastest-growing markets.

“Aramco will get an opportunity to tap a ready-made market for 5,00,000 barrels per day of its crude,” experts said.

Ambani, last year, had announced sale of 20 per cent stake in the O2C business, comprising its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world’s largest oil exporter.

The deal was to conclude by March 2020, but is now expected within the current year.

RIL has raised Rs 1,68,818 crore in two months through rights issue and series of stake sale deals in its arm Jio Platforms and now is working on the provisions of closing the deal.

At the company’s annual general meet last year, Ambani had announced his ambition to reduce the net debt of RIL to zero in almost 18 months.

Ambani said the development of R-Cluster, Satellite Cluster and MJ fields — three projects in KG-D6 are on track to monetise discoveries, and these projects will utilise the existing gas production infrastructure of KG D6 block.

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