India, once considered oil’s growth engine, saw demand drop to the lowest in more than a decade in April and it’s still about 10% below pre-pandemic levels. Saudi Aramco is investing $15bn in India for a 20 per cent stake in Reliance Industries. “These potential partnerships will help us build competitive manufacturing capacity at our existing sites,” Ambani said, adding that this will help Reliance “serve the deficit Indian market that still depends on large-scale imports of chemicals.”. Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Entering Faster Growth, Though Virus Spike... PBOC Liquidity Operation to Offer Clues to China’s Cash Sque... What ‘Keepwell’ Means in Case of China Bond Defaults, GameStop Rises as Zero-Debt Plan Boosts Bets on Turnaround. New Delhi, Mar 26 (PTI) A fall in crude oil price and Aramco''s USD 75 billion annual dividend … Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ... Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ... Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ... Aequs Aerospace to create space for large-scale manufacture of toys at Koppal. Before it's here, it's on the Bloomberg Terminal. Stocks Drop From Record Highs; Bond Yields Rise: Markets Wra... Live Well Financial CEO Used Lenders ‘Like an ATM’ U.S. Says. Reliance shares fell more than 6% after Ambani's comment on the Aramco deal. Follow us on Telegram, Mumbai: Mukesh Ambani-led Reliance Industries is unlikely to close the deal for 20 per cent stake in its oil to chemicals business to Saudi Aramco by March 31 this year, according to a senior company official. By Anthony Di Paola and Matthew Martin. Recent articles ${ filter.label } CLEAR ALL FILTERS. “This is a strategic deal, rather than a debt reduction deal.” Saudi Aramco will publish its Q1 2021 results and dividend announcement before the Tadawul market opens on Tuesday May 4, 2021. “Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership.”. The transaction was not completed, but the reason for it was not immediately clear. A deal with India’s Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers. Ambani in August told shareholders that Reliance and Aramco had agreed to a non-binding deal for a 20% stake in the oil-to-chemical operations. Ahmad A. Al-Sa'adi, April 08, 2021 Aramco’s circular approach to … He said the firm has been approached by global companies for strategic partnerships in its petrochemical business, though he didn’t name any company. (Bloomberg) -- Reliance Industries Ltd.’s deal to sell a stake in its oil-to-chemicals business to Saudi Aramco is delayed, pushing down the Indian conglomerate’s shares on the day its chairman announced a $4.5 billion transaction with Google. The deal, first announced by the RIL Chairman Ambani in 2019, was stalled due to the coronavirus pandemic but two sides have restarted negotiations, ET Now has learnt. The state-owned Aramco is already a major supplier of crude to India. How equipped ... Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna, Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies, Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity. However differences over valuations and structure slowed the progress. The Indian government also asked a court to stop the proposed sale, in an attempt to force Reliance to pay arbitration claims in an unrelated case. Bernard Madoff, Mastermind of Giant Ponzi Scheme, Dies at 82, Chinese Hedge Fund Jumps 258% After Dumping Ray Dalio’s Strategy, Are China’s Covid Shots Less Effective? Saudi Aramco-Reliance deal talks regain momentum, send RIL stock rising 09 Nov, 2020, 12.40 PM IST. It has separately agreed to invest in a planned 60-mt refinery and petrochemicals complex in Maharashtra along with Abu Dhabi National Oil Company (ADNOC) and India’s state-run oil refiners such as Indian Oil, Hindustan Petroleumand BPCL. Murder is a theme that is unlikely to darken and yellow with time, the writer Truman Capote had once said. Ambani has declared his flagship free of net debt without relying on Aramco, and on Wednesday Asia’s richest man said he expects fresh investors in his retail and petrochemical businesses. Today’s encryption technology will be putty in the hands of those running the post-quantum world. Reliance Industries Ltd. ’s plan to sell a stake in its oil-to-chemicals business to Saudi Aramco has been delayed, pushing down the Indian conglomerate’s shares on … In August of 2019, Mukesh Ambani first announced his plans to sell a 20% stake in the oil-to-chemical business to Saudi Aramco for $15 billion at an implied $75 billion valuation. Expect the unexpected when musicians of different traditions come together for a duet. But, this has not made much headway due to problems associated with land acquisition for the project. Facebook, Twitter, Instagram, YouTube and A 44.4 per cent plunge in FY20 net profit of Saudi Arabia’s state-owned energy giant Saudi Aramco and a slash in capex this year could make it harder to finalise a deal to invest in the oil to chemicals business of Reliance Industries Ltd. And it has every reason to smile. Synopsis. The government asked a court to restrain a $15 billion deal in which the world’s most profitable company and top oil exporter Saudi Aramco would acquire a stake in India’s biggest conglomerate RIL. Have a confidential tip for our reporters? Say cheese, says the organised dairy sector. The Reliance deal with Aramco will cover all of Reliance’s refining and petrochemical assets, along with its majority stake in its petroleum retail joint venture. In its deal with Reliance, Aramco will supply the Jamnagar refinery with 500,000 barrels a day of oil. Saudi Aramco on Monday said it agreed to acquire a 20% stake in Reliance Industries' refining and petrochemicals business, valued at $75 billion.. “Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline,” Reliance Chairman Mukesh Ambani told shareholders on Wednesday. Whether Reliance will choose to expand its existing footprint is not clear, but the relationship with Aramco (assuming the deal goes through) means … May 4, 2021. But, one year later, RIL Chairman Mukesh Ambani said at the firm’s annual general meeting in July 2020 that the deal with Aramco “has not progressed as per the original deadline”. The initial deadline for completion of the deal was March 2020. Mumbai: The proposed deal between billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) and the world’s largest oil exporter Saudi Aramco is gaining momentum. “RIL has been in ongoing discussions with Aramco to sell a minority stake in its oil-to-chemicals businesses, which, if successful, should lead to further deleveraging of RIL,” Fitch Ratings said in a note in February. Fed Says U.S. Economic Activity Has Picked Up to Moderate Pa... Transaction hasn’t progressed as per original timeline: Ambani, Global firms interested to partner in petrochemicals business. Reliance did not respond to Reuters' emails seeking a response to the sources' comments, while Aramco declined comment. Both the companies were committed to the deal and Aramco wants to do physical inspection of Reliance’s assets in India, the report said. Reliance shares fell 3.8% in Mumbai, the biggest drop since May 14 and the largest decline on the day of the company’s annual general meeting since at least 2002. Reliance-Aramco deal likely if crude oil averages USD 65. The deal will allow Aramco to supply up to 5 lakh barrels per day of crude oil A 44.4 per cent plunge in FY20 net profit of Saudi Arabia’s state-owned energy giant Saudi Aramco and a … In February, Reliance Industries unveiled the broad contours of the O2C re-organisation plan by carving out its refining, marketing and petrochemicals business into Reliance O2C Ltd, a wholly-owned unit. Banks’ Loan Slump Signals Strength of Post-Lockdown U.S. Eco... Ex-RBA Board Member Warns Covid Impact Will Linger in Econom... ECB Says Public Values Privacy Above All for Digital Euro. Saudi Aramco has been eyeing stakes in refining ventures overseas to guarantee new outlets for its crude oil. Saudi Aramco’s Q1 2021 Results. Read more: Asia’s Richest Man Plots a Technology Future After Luring Google. The proposed reorganisation is expected to ease the formation of strategic partnerships and stake sales to potential investors focussed on investments in oil-to-chemicals businesses. The shares closed down 3.8% at … Around 86 per cent of Indian oil imports last year were from the organisation of the petroleum exporting countries (OPEC) and its allies, a group known as OPEC+, that is dominated by Saudi Arabia and Russia with Saudi Arabia alone accounting for 19 per cent of the supplies, according to government data. Copyright © 2021, THG PUBLISHING PVT LTD. Infosys board forms new committee focussed on ESG, Robotics company Miko gets ₹50-crore funding from IvyCap Ventures, PM Modi reviews Covid-19 situation, vaccination with state governors, Blow to film releases, fresh content for TV, ‘The Bharat trend in start-ups is exciting’, Banking on algorithms and chatbots to avoid bad loans, India Cements: A swashbuckling innings of 75 not out, Into the world of passive debt investment options, Index Outlook: Watch out for key resistance levels, India Post Payments Bank app: The good, the bad and the ugly. Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forces it to slash investment spending. The proposed RIL-Saudi Armaco deal also envisaged Aramco supplying up to 700 (KBPD) or 500,000 barrels per day of crude oil on a long-term basis to the Jamnagar refinery of Reliance. A fall in crude oil price and Aramco’s USD 75 billion annual dividend commitment may have delayed Saudi company picking a stake in Reliance Industries Ltd‘s oil-to-chemical unit (O2C), research firm Jefferies said. In August 2019, RIL said it had signed a non-binding letter of intent with Aramco to sell a 20 per cent stake in the oil to chemicals business of Reliance Industries for as much as ₹1.03 lakh crore or roughly $15 billion. New Delhi: The talks between Reliance Industries and Saudi Aramco for a minority stake sale in Jamnagar refinery (core refining and petchem business) has hit a roadblock.Sources told ET Now that talks between the two parties have got stalled over valuations concerns. You can also download our Android App or IOS App. Three-in-one: Passive debt funds come at a low cost and have high-quality portfolios. For Reliance, the urgency to complete the Aramco deal has eased after it amassed almost $30 billion in recent months through investments in its digital unit and by selling shares to existing stakeholders. Reliance Chairman Mukesh Ambani told shareholders on Wednesday it had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation". As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a … Experts Size Up Sinovac, J&J Blood-Clot Pause Done to Educate Doctors, Monitor Cases, Coinbase’s Whipsaw Debut Takes It Past $100 Billion, Then Back. Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and … The $15 billion deal … Around 86% of Indian oil imports last year were from OPEC - AFP. Using the Saudi Aramco deal to reduce debt was only a part of a broader motive for Reliance, said Mr Prasad. Trend in the rupee movement and Q4 earnings can give direction to the market, There is room for improvement in fund transfer options, Silver looks positive but lacks the higher volumes required to substantiate bullishness. Follow us @middleeast for more news on the region. Ambani said Reliance will approach the National Company Law Tribunal to spin off its oil-to-chemicals division, and expects to complete the process by early 2021. The deal with Reliance Industries, if and when finalised, will allow Aramco to supply up to 700 (KBPD) or 5,00,000 barrels per day of crude oil on a long-term basis to Jamnagar refinery. Reliance Industries is questioning the Indian government’s move to block its deal with Saudi Arabia’s Aramco wherein the Saudi Arabian company is … True-crime fixation: Curiosity or morbidity? Sources told ET NOW that the deal is expected to be at similar valuations and could be adjusted for debt. ET looks at the issues involved. Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Wednesday said the deal with Saudi Aramco has not progressed according to the … A deal was struck between Aramco, the world’s largest oil exporter, and Reliance, India’s largest company, and was to be completed by March 2020. The Aramco deal will also help Reliance secure crude supplies. Linkedin. Low oil prices and weak demand led Aramco to stay away from participating in the privatisation of Bharat Petroleum Corporation Ltd (BPCL) despite forecasts on oil demand growth in the world’s third largest oil importer and consumer. Powell Says U.S. Since then, Goldman Sachs and Citi have been working with Reliance and Aramco. But in … Even so shareholders -- who had pushed the stock up to a record on a steady stream of investments this year from Silicon Valley giants -- sold Reliance after Ambani confirmed the Aramco delay. Now let the games ... And what marketers can possibly do to bring it back in our lives, The agency has changed form over the years but its lustre has not dimmed. But that’s exactly what he did last year when he told a packed hall of shareholders that Saudi Aramco, the world’s biggest oil producer, was set to buy a 20% stake in Reliance Industries Ltd.’s refining and petrochemicals business, valuing it at $75 billion. Ambani had announced last year that Saudi Aramco would pick up a 20% stake in Reliance’s refining and petrochemicals business, valuing it at $75 billion, with the deal closed by March 2020. The deal between Reliance and Aramco … Reliance Group to miss planned date to close Saudi Aramco deal. Reliance Industries Ltd.’s plan to sell a stake in its oil-to-chemicals business to Saudi Aramco has been delayed, pushing down the Indian conglomerate’s shares on the day its chairman announced a $4.5 billion transaction with Google. As the coronavirus pandemic pulled down oil demand globally, Aramco said on Sunday that its net income fell sharply to $49 billion in FY20 from $88.2 billion in FY19. The Aramco deal was initially expected to be completed by March 2020. For Saudi Aramco, formally called Saudi Arabian Oil Co., priorities may have changed after it led massive output cuts by all major producers to revive crude prices following a historical crash. The RIL and Aramco deal has been in the works for some time and doubts were raised on its early completion due to Covid-19 outbreak and lockdowns. Ios App Passive debt funds come at a low cost and have high-quality portfolios Q1. 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