ARAMCO CHAIRMAN
About 16% Reliance shareholders oppose reappointment of Aramco chairman as director
Reliance Industries' shareholders approved reappointment of Yasir Othman H Al-Rumayyan and appointed Haigreve Khaitan as independent directors. They also reappointed P M S Prasad. The board is led by Mukesh D Ambani and includes his children Isha, Akash, and Anant, along with cousins Hital and Nikhi Meswani.
Reliance shareholders approve retail unit's $4 billion lease to Jio Financial
JFS plans to acquire equipment worth 360 billion rupees from Reliance Retail, as the financial services provider plans to enter the device leasing business. Through the deal, JFS' unit - Jio Leasing Services - will buy customer premises equipment, devices and telecom equipment such as routers and cell phones.
Saudi Aramco's Amin Nasser: homegrown engineer who reached the top
Aramco CEO Amin Nasser's leadership pivotal for Saudi's stability. Managed response to 2019 attacks, restoring operations swiftly. Supports economic diversification and revenue flow for Saudi stability.
LTIMindtree picks up 51% stake in new JV with Saudi Aramco subsidiary
LTIMindtree has acquired a 51% controlling stake in a joint venture with Global Digital, a subsidiary of Saudi Aramco, to provide IT services in the Kingdom of Saudi Arabia and the MENA region. The initial investment is $12.3 million. The joint venture aims to accelerate digital transformation and develop IT services in Saudi Arabia.
ET Awards for Corporate Excellence: Perfectionist AM Naik: A life's worth and work of L&T, by L&T, and for L&T
From negotiating with combative unions at the Powai plant in the late 1960s and placating Bal Thackeray to supplying 60% of the world's critical equipment - nuclear reactors, steam generators, defence equipment and now electrolysers - AM Naik has taken L&T to heights that would have been impossible without his "devotion, passion, conviction" and single-handed "commitment" to be builder to the nation and the world.
ONGC plans oil-to-chemical plants in pivot towards energy transition
India's top oil and gas producer, ONGC, plans to establish two oil-to-chemical plants in India to convert crude oil directly to high-value chemical products, as the company prepares for the energy transition. The production of chemicals using crude oil is regarded as a new avenue since companies worldwide are looking for alternatives as the world gradually moves away from fossil fuels.
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Oil buyers reel from OPEC+ cuts as they explore alternatives
The shock decision from Riyadh and some of its partners came just before the release of Saudi Arabian Oil Co.’s official selling prices, or OSPs, for May crude sales. Term buyers of Saudi crude expressed some concern about their ability to get the volume and type of oil they want from Aramco next month after the announcement of a 500,000 barrel-a-day curb by the Kingdom.
Saudi Aramco announces $1.5bn sustainability fund
Saudi Aramco, Dhahran-based global energy and chemicals company, has created a $1.5 billion sustainability fund to invest in technology to support stable and inclusive energy transition, the company said today.
The Mukesh Ambani-Gautam Adani rivalry is about to get intense
In the latest sign of their coalescing orbits, the Adani Group has discussed the idea of buying a stake in Saudi Aramco from the oil-rich kingdom’s Public Investment Fund, potentially linking the investment to a broader tie-up or asset swap deal, according to Bloomberg News.
Gautam Adani explores partnerships with Saudi Aramco
The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund, according to the people. It has discussed the idea of buying part of the PIF’s stake in Aramco, the people said.
Saudi Aramco, BlackRock sign $15.5bn gas pipeline deal
The deal signed on Monday underscores how Aramco -- the kingdom's cash cow -- is seeking to monetise its once-untouchable assets to generate revenue for the Saudi government as it accelerates efforts to diversify the oil-reliant economy.
Aramco eyes new investments in India after Reliance scraps $15 bn deal
“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday. It will “continue to evaluate new and existing business opportunities with our potential partners.”
Aramco deal 're-evaluation' erases $9b in RIL market cap. What analysts said
Credit Suisse, which has a neutral rating on RIL, said closure of the deal was a key catalyst for RIL.
What will be the triggers for Reliance stock for next 6 months? Probal Sen answers
“Focus will more be on the tariff increases that may come in the industry from the telecom business as well as the reactions and initial reports of the Jio Next phone in terms of how well it is received. Those will be the triggers for the next six months.”
RIL debt-free, Aramco deal rethink to have a limited impact: Analysts
Shares of Reliance Industries could be weighed down by the scrapping of its proposed stake sale deal with Saudi Aramco but any weakness is likely to be limited as analysts believe the company has no need to raise cash in a hurry.
Reliance shareholders approve appointment of Aramco Chairman on board
Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
RIL says Aramco chairman’s induction to board in line with law, regulations
The California State Teachers' Retirement System (CalSTRS), a shareholder of Reliance, had last week decided to vote against the induction of Aramco chairman based on US proxy advisory research firm Glass Lewis' recommendation.
Reliance backs appointment of Aramco chairman on board
In a stock exchange filing, Reliance said the appointment will "help strengthen the Board's diversity and skill-sets and benefit Reliance through the transition from oil to chemicals and the aim to achieve Net Carbon Zero by 2035."
RIL boss Mukesh Ambani nears entry into elite $100 billion club
Ambani’s current net worth stands at $92.6 billion, according to data compiled by Bloomberg’s Billionaires’ Index. The country’s richest person has added over $15 billion to his personal wealth in 2021 so far aided by a recent rally in shares of Reliance Industries.
Saudi Aramco is in advanced talks on up to $25 billion Reliance deal
A representative for Reliance said the company does not have anything to add beyond Ambani’s comments at the shareholders’ meeting in June, when the conglomerate appointed Aramco Chairman Yasir Al-Rumayyan to the board. Ambani had said Reliance could finalize an investment deal with the oil producer this year.
Saudis raise oil prices after OPEC+ fails to add supply
The Saudis, along with Russia, sought over the past week to rally other members around a plan to unwind production cuts incrementally and to extend their accord through to the end of next year.
Saudi Aramco chairman to join RIL board; 02C deal likely this year: Mukesh Ambani
Ambani said that the company's oil to chemicals business faced unprecedented challenges due to the severe economic contraction at the beginning of year. "Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter," he said.
Saudi Aramco chairman Yasir Al-Rumayyan joins Reliance Industries Board
"This is the first step to making Reliance international," Ambani said, announcing Al-Rumayyan's induction on the RIL board during the conglomerate's 44th annual shareholder meeting.
A possible inclusion of Aramco chief on RIL board puts focus back on $15 billion investment by Saudi giant
The possible induction of Rumayyan into the RIL board would also be the first for any foreign citizen. He is counted among the most influential decision makers in the world of energy and investing and is closely involved in Saudi prince Mohammed bin Salman’s plans to diversify Saudi Arabia's petroleum dependent economy, said officials who have been briefed on the matter.
A possible Saudi Aramco appointment on Reliance board triggers buzz over $15 billion deal
Billionaire Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter.
Sorry, Aramco. Reliance just isn’t that into you
RIL, owner of the world’s biggest oil refinery, has been dancing the quadrille with Saudi Aramco for nearly two years. At current prices, 1% of Aramco would be worth about $19 billion — not far off the $15 billion price tag put on 20% of Reliance’s energy division, at the time the Saudi company first took an interest in buying a stake in 2019.
Saudi Aramco, Adnoc committed to $44 billion west coast refinery project: IOC Chairman
"Both Adnoc and Saudi Aramco are still committed to the investments in the project," Indian Oil Corp (IOC) Chairman Shrikant Madhav Vaidya said at Energy Intelligence Forum 2020.
Auto fuel demand to reach pre-Covid levels in a quarter: Indian Oil Chairman S M Vaidya
“We have seen a very phenomenal (demand) improvement in the month of September. So, if the same rate of improvement happens, I think within a quarter, we should be able to see pre-Covid levels as far as diesel and petrol are concerned,” Chairman S M Vaidya said.
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