New Delhi, August 12 - Neftegaz.RU. Reliance Industries (RIL) managing director Mukesh Ambani today announced that Saudi oil giant Aramco has agreed to take a 20 % stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of $75 billion.
Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.
As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat.
Saudi Aramco will take 20 % stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex.
The Saudi national oil company, along with its partner UAE's ADNOC has taken a 50 % stake in a planned $60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has a bullish outlook on India's energy demand and is keen on investing here.
Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas.