Saudi Arabian Oil (Aramco) has bought a 20% stake in the oil-to-chemicals business of India's Reliance Industries. The move is expected to help Aramco regain its place as India’s biggest oil supplier after taking third place to Iraq for two years. The deal also includes a 500,000 bpd supply deal to Reliance, representing 25 million mt annually, which is about 40% of Reliance’s requirements. Total Saudi exports to India were 40.33 million mt for 2018/19. The Reliance oil-to-chemicals business includes the firm’s refining and petrochemical operations and a 51% share in its fuel marketing business.
Saudi Arabian Oil (Aramco) has bought a 20% stake in the oil-to-chemicals business of India's Reliance Industries. The move is expected to help Aramco regain its place as India’s biggest oil supplier after taking second place to Iraq for two years. The deal also includes a 500,000 bpd supply deal to Reliance, representing 25 million mt annually, which is about 40% of Reliance’s requirements. Total Saudi exports to India were 40.33 million mt for 2018/19. The Reliance oil-to-chemicals business includes the firm’s refining and petrochemical operations and a 51% share in its fuel marketing business.