Saudi Aramco cancels $15 billion sale deal with Reliance Industries 2021-11-25T18:59:08 Aramso KSA Saudi Aramco cancels $15 billion sale deal with Reliance Industries Saudi Aramco cancels $15 billion sale deal with Reliance Industries : Saudi Aramco has canceled its massive plan to acquire a 20 percent stake in Reliance Industries Ltd. for $15 billion. Topics Signing the sale deal The sale deal value The relation between Saudi Aramco and Reliance Industries Reliance Industries Company Signing the sale deal Aramco and Reliance Industries (RIL) signed a non-binding letter of intent in August 2019, for a potential 20% acquisition of Saudi Aramco’s stake in the O2C business. The sale deal value The deal valued the business at $75 billion. The Indian refiner said in a statement that the two companies would re-evaluate the deal in light of RIL’s foray into solar energy. In October, Reliance Industries appointed Yasir Al-Rumayyan, chairman of Saudi Aramco, to its board of directors as independent director. The relation between Saudi Aramco and Reliance Industries “Over the past two years, both companies have put significant efforts into the due diligence process, despite the limitations of COVID-19 this was possible due to the mutual respect, and long standing relationship between the two organizations,” the company said. The two-year-old relationship has given Aramco and Reliance a greater understanding of each other, providing a platform for broader collaborations. “Aramco and Reliance are committed to creating a win-win partnership and conducting future explorations as appropriate,” Aramco said. Reliance Industries Company Reliance Industries will remain Aramco’s preferred partner for private sector investments in India, and will cooperate with Saudi Aramco and SABIC to invest in Saudi Arabia. The Indian refining company plans to build four plants in Jamnagar – a solar PV module factory; energy storage battery factory; An electrolyze plant and a fuel cell plant to convert hydrogen into propellant and stationary energy.