Saudi Arabia’s state-owned oil asset Aramco is on track to consummate an all-stock deal for a stake in the oil refining and chemicals arm of Mumbai-based multinational conglomerate firm Reliance Industries Limited, Bloomberg reported on Monday, citing insiders.
Reliance, backed by Indian billionaire magnate Mukesh Ambani, could close a deal with Aramco in the coming weeks, said the insiders. A jump in Reliance’s share price by 2.6 per cent in Mumbai followed the news. Reliance will be enabled by the deal to lock in a constant crude oil supply for its enormous refineries and become a stockholder in Aramco, the world’s fifth biggest public company according toIf the transaction succeeds, it will take a stake of approximately 1 per cent in Aramco, considering the latter’s market valuation of around $1.9 trillion, making it the biggest energy company in the world.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: LeadershipNGA - 🏆 4. / 77 Read more »