will re-examine a plan first unveiled more than two years ago for the oil colossus to pump $15 billion into the Indian conglomerate’s refining operations. The impasse reflects how quickly investment decisions are being upended by the energy transition.the all-cash deal in August 2019 for Aramco to buy 20% of Reliance’s oil-to-chemicals business, known as O2C. It would have brought together the world’s top crude producer and one of the biggest refinery operations, located in Jamnagar, Gujarat.
Following Friday’s news that the deal was off, Aramco lost some $37 billion of market value. The development, however, avoids a potential embarrassment for Saudi Arabia, which reckons the world is beating too hasty a retreat from fossil fuels. The recent election of Aramco Chairman Yasir Al-Rumayyan onto Reliance’s board suggests Riyadh will have some security over where it sells oil for some time.India’s largest listed company fails to crystalise a $75 billion valuation for O2C, but it can live without the cash. Reliance has reduced debt with proceeds from selling stakes in its retail and digital units.
Reliance also has attractive ways to finance $10 billion of planned expenditures on new energy over the next three years. There’s no shortage
Source: News Formal (newsformal.com)
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