Highly energised

12 Aug 2019 By Una Galani Follow @ugalani

Mukesh Ambani says the Saudi giant will buy 20% of his oil-to-chemicals unit at a healthy $75 bln valuation. The billionaire is adding cheap broadband to a revolutionary telecoms offering, and aims to reinvent Indian retail too. The Aramco sale hints at how far he’ll go to win.

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Reliance Industries said at its annual general meeting on Aug. 12 that it would sell 20% of its oil-to-chemicals business to Saudi Aramco at a valuation of $75 billion, including debt.

Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis for Reliance’s Jamnagar refinery.

Saudi Aramco separately on Aug. 12 reported a 12% year-on-year drop in first-half earnings to $46.9 billion, mainly due to a 4% drop in the average realised price of crude oil. Aramco said it generated total revenues of $163.9 billion in the first half of this year, down from $167.7 billion a year earlier.

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