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Reliance In Talks With Saudi Arabia For Joint Petrochemicals Project

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In a recent tweet by Saudi Arabia's oil minister Khalid al-Falih, he said that he was in discussion with Mukesh Ambani, chairman and managing director of Reliance Industries Ltd for a joint investment in petrochemicals and oil refinery projects.

Reliance In Talks With Saudi Arabia For Joint Petrochemicals Project
 

Al-Falih had travelled to Udaipur earlier this month to attend the pre-wedding festivities of Ambani's daughter Isha Ambani. During the visit, he also held talks with Ambani but choose to tweet about the discussions only this week.

The Arabic tweet by Khalid al-Falih, when translated using online tools, said that he was pleased to meet Ambani and discussed opportunities for joint investments and cooperation in petrochemical, refining and telecom projects." He also tweeted a picture with Ambani where the latter's attire is different from the pictures of the pre-wedding festivities held on 8 and 9 this month.

RIL currently operates two refineries at Jamnagar with a total capacity of 68.2 million tonnes per annum.

Saudi Arabia, the largest exporter of oil in the world has been looking to get a hold of India, the world's fastest-growing fuel market.

Saudi Aramco and its partner Abu Dabhi National Oil Co. (Adnoc) have picked up 50 percent stake in a planned $44 billion Ratnagiri refinery in Maharashtra but the project is facing problems in acquiring land due to protests from local politicians.

With inputs from PTI

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