Saudi Aramco becomes world’s most valuable company

Saudi Aramco on Wednesday dethroned Apple as the world’s most valuable company as surging oil prices drove up shares and tech stocks slumped. The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at … Read more

Billionaire Gautam Adani explores partnerships with Saudi Aramco

Indian conglomerate Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter, people with knowledge of the matter said. The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi … Read more

Saudi Arabia transfers Aramco shares worth $80 billion to wealth fund

The transfer of a 4% stake in state-owned Saudi Arabian Oil Co., known as Aramco, will support the Public Investment Fund’s plan to grow its assets under management to over $1 trillion by 2025, from about $480 billion currently, the Saudi government said Sunday. The Saudi government, which will remain the largest shareholder in Aramco … Read more

Reliance, Saudi Aramco discuss cash and share stake deal

Billionaire Mukesh Ambani’s Reliance Industries is reported to have held talks with Saudi Aramco on a cash and share deal for sale of a 20 per cent stake in its oil refining and petrochemical arm. Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) … Read more

Reliance Industries spins off oil-to-chemical business into new unit

Billionaire Mukesh Ambani’s Reliance Industries Ltd has completed spin-off of the firm’s oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships, the company has said. The oil-to-chemical (O2C) business unit holds Reliance’s oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing … Read more