Reliance-Aramco Deal: Reliance Industries chairman Mukesh Ambani’s decision to sell 20 percent stake of RIL’s oil-to-chemical business to Saudi national oil company Aramco will integrate Indian consumers with the world’s largest crude oil producer, said two top former officials, adding that it will also ensure assured supply of crude oil to Indian refineries in the times of crisis and supply disruptions.
This is the second mega-deal in the country’s oil and petroleum sector in a span of less than three years. In 2017, Russian oil and gas major Rosneft led consortium acquired Essar Oil in a $13 billion deal. These two mega deals by the top global energy firms clearly reflect their interest in India’s energy market.
“World over the consumption of petroleum products is not increasing. In Europe it is going down, in the US it is not increasing. In China, the growth rate has come down and after some time the increase will not take place. Read more
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