Yasri al-Rumayyan, Managing Director of Saudi Arabia’s PIF sovereign wealth fund and also chairman of energy giant Saudi Aramco, has been added to the board of India’s Reliance Industries. The announcement was made during Reliance’s AGM on 24 June.
Reliance and Aramco signed a $15bn preliminary agreement in August 2019 for the Saudi firm to purchase a 20% stake in the firm’s downstream business, which includes a 1.24mn b/d refinery, the world’s largest and most complex, as well as 30mn t/y of integrated petchems capacity. Reliance also operates a second, less complex, 580,000 b/d refinery in Jamnagar Special Economic Zone (MEES, 16 August 2019). However, the transaction stalled amid the Covid-19 pandemic, and was only revived in November (MEES, 13 November 2020). (CONTINUED - 178 WORDS)