InvestorQ : Is there any update on the Reliance deal with Saudi Aramco on the RIL oil and chemicals business? Has the deal been called off?
Dawn Cherian made post

Is there any update on the Reliance deal with Saudi Aramco on the RIL oil and chemicals business? Has the deal been called off?

Answer
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Dilmini Mercia answered.
1 month ago


Even though RIL has confirmed that the deal has been put off, Saudi Aramco has indicated that it is still working on the $15 billion stake in the oil to chemicals or O2C business of Reliance Industries. They have confirmed that it is work in progress.

The original RIL plan to sell 20% stake in its O2C business to Saudi Aramco for $15 billion got into a run after the global fall in oil prices and the slowdown. With RIL monetizing Jio Platforms, it was not really compelling for RIL to push the Aramco deal.

RIL will however go ahead with its plan to transfer its O2C business to a separate company called Reliance O2C Limited. O2C business of RIL consists of refining, petrochemicals, fuel retail and aviation fuel.

For now RIL may be looking to monetize its O2C business to the extent possible before it shifts its focus more towards clean energy. Its future fuel plans include clean and affordable energy with hydrogen, wind, solar, fuel cells and battery.