India strengthens energy tie-up with Gulf region

Emirates News Agency | Aug 13, 2019 at 8:31 PM
  • Krishnan Nayar NEW DELHI, 13th August, 2019 (WAM) — In a major effort to deepen India’s energy relationship with oil producers in the Gulf, the country’s biggest conglomerate, Reliance Industries Limited (RIL), is to sell 20 percent of the ownership of its refining and petrochemical business to Saudi Aramco for $15 billion.
  • Under the deal, Reliance will buy about 500,000 barrels of crude oil a day from Saudi Aramco to be refined at RIL’s giant refinery in Jamnagar in India’s west coast.
  • The Saudi oil major’s stake in RIL will enable it to gain a toehold in the domestic fuel marketing business in India which is being liberalized by the Narendra Modi government as part of its economic reforms as reported by the Emirates News Agency, WAM, on August 8.