India's Reliance to sell 20% stake in oil business to Aramco

World’s biggest crude producer will own a part of the world’s biggest oil refinery.

Indian conglomerate Reliance Industries announced it will sell a 20% stake in its oil and chemicals business to Saudi oil giant Aramco in a transaction valued at $75 billion - India’s largest foreign direct investment.

Reliance Industries Chairman Mukesh Ambani says that Aramco will also supply Reliance’s Jamnagar refineries with 700,000 barrels of oil perd day on a long-term basis.

In an annual shareholders’ meeting held last Monday, Ambani announced that Reliance will also sell around half of its fuel retail business to BP for $1 billion. The news came after Reliance announced that it was forming a fuel retailing JV with BP in which the Indian oil company would own a 51% stake.