Reportedly mukesh Ambani led Reliance Industries has announced that it has formed a long-term partnership with Saudi Aramco, a Saudi Arabian Oil Company in its oils to chemicals division. Meanwhile Saudi Aramco will invest in Reliance for a 20% stake in Oil to Chemicals division at an Enterprise Value of $75 billion and this investment by Saudi Aramco is subject to due diligence, definitive agreements, regulatory and other customary approvals.
Furthermore this announcement was made at RIL’s 42nd Annual General Meeting (AGM) in mumbai on Monday. Accordingly this is the biggest foreign investment in the history of Reliance and is among the largest foreign investments in india. When speaking of the Oils to Chemicals business, Ambani announced that the company achieved revenue of ` Rs 5.7 lakh crore, exports of Rs 2.2 lakh crore and EBITDA of Rs 52,041 crore. The company has processed 68.3 million tons of crude during the year and achieved a GRM of $9.2 per barrel, maintaining a margin of $4.2 per barrel over the singapore complex.
Moreover Reliance also recently announces a joint venture with BP in the petroleum retailing business, where BP is acquiring 49% stake in RIL’s petro-retail business. Apparently Reliance will get Rs 7,000 crore from BP for this transaction. Hence the partnership will cover all of RIL's Refining and Petrochemicals assets, including 51% of the Petroleum Retail JV. Perhaps Saudi Aramco will also supply 500 KBPD of Crude Oils on a long term basis to RIL's Jamnagar refinery.
Hyderabad Police Commissioner plans for Celebration of Ganesh Chathurthi festival Hyderabad sources reported that Hyderabad City Police Commissioner Anjani Kumar warned anti-social elements of taking advantage of the upcoming Ganesh Chathurthi celebrations and indulge in extortion. Meanwhile he said such anti-social elements will be firmly dealt with under law. Ganesh Chathurthi festivities will commence in the twin cities on September 2 and go on till September 12.
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