Saudi Armco to team up with India’s Reliance to form oil conglomerate
The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery, reports Bloomberg. (https://www.bloomberg.com/news/articles/2019-08-12/reliance-to-sell-20-of-refining-to-saudis-at-75-billion-value) Saudi Armco will buy a 20-per-cent stake in the oils-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Reliance Chairman Mukesh Ambani said at the […]
