In a move that RIL shareholders were anticipating Mukesh Ambani assured investors at the AGM that the deal with global oil giant Aramco will be finalised within this year. To showcase this commitment of partnership Reliance also inducted on the RIL board Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the kingdom’s wealth fund Public Investment Fund.
RIL chairman Mukesh Ambani had announced selling company’s 20% stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to Aramco during the 2019 AGM, but the deal could not move forward due to multiple reasons.