Abstract
India’s Reliance Industries Ltd (RIL) announced at its 42nd annual general meeting that it had signed a letter of intent to sell a 20% stake in RIL’s chemicals, refining and fuel marketing (oil-to-chemicals [O2C]) business to Saudi Aramco in a deal valued at $15 billion. This deal includes RIL’s refining and petrochemical divisions, as well as its 51% stake in its joint fuel marketing venture with BP (RIL 2019). The remaining 49% stake in the fuel marketing business has been sold to BP for just under one billion dollars. The crown jewel of this division is the 1.24 million barrels per day (MMb/d) Jamnagar refining complex (PPAC 2019), which consistently exceeded its nameplate capacity, with annual runs averaging 1.4 MMb/d since 2015 (PPAC 2019).
