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Saudi Arabia acquires stake in the world's largest oil refinery
Saudi Aramco, the world's largest producer of crude oil, will soon acquire a stake in the world's largest oil refinery, the Bloomberg news agency reported.
Reliance Industries chairman, Mukesh Ambani, said on Monday that the company was selling a 20% stake in its oil conversion business to Aramco, one of the largest investment operations in India. .
"This is the largest foreign investment in the history of Reliance and one of the largest foreign investments ever made in India," Ambani told the annual general meeting of l & # 39; company.
"This shows the perfect synergy between the world's largest oil producer and the largest integrated refinery and petrochemical complex in the world," said the company's head.
According to him, "Aramco" under the agreement will also supply 500,000 barrels of crude oil a day to the refinery "Jamnagar" of "Reliance".
The oil company's chemical division is estimated at $ 75 billion, including debt. The Aramco agreement is worth $ 15 billion.
Saudi Aramco plans to double its refining capacity by 2030, reaching 10 million barrels of crude oil per day.
Source: Bloomberg
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