Reliance to conclude Aramco deal this year; Aramco rep on co board

Saudi Aramco chairman and head of the Kingdom’s cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as a precursor to a USD 15 billion deal that is now expected to conclude this year.

RIL chairman and Asia’s richest man Mukesh Ambani told shareholders that a deal to sell a 20 per cent stake in the company’s oil-to-chemical unit to Saudi Aramco was expected to conclude this year.

Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said.

“Despite several challenges due to COVID-19, we have made substantial progress in the past in our discussions (with Saudi Aramco),” he said. “I expect our partnership to be formalised in an expeditious manner during this year.”