Reliance Industries (RIL) stands to gain on crude oil supply security and substantial debt reduction, if reports suggesting a deal with Saudi Aramco are true. This is not the first time reports on a possible deal have emerged. “These talks have been around for two to three years,” said an expert, who did not wish to be named.
Saudi Aramco has been vocal about partnering RIL. In December 2018, Khalid Al-Falih, that country’s minister of energy, industry and mineral resources, had in a tweet put out in Arabic, said: “I was delighted to meet (Mukesh) Ambani, chairman of Reliance #RelianceIndustries, where we discussed opportunities for joint investments and cooperation in petrochemicals, refining, and communications projects in Saudi and India.”
