- Saudi Aramco Chairman Yasir Al-Rumayyan appointed as an independent director on Reliance Industry's board today.
- Voting period for the appointment to end on October 19.
- Agreement likely to be finalised soon.
Bengaluru: Saudi Aramco Chairman Yasir Al-Rumayyan was appointed as an independent director on Reliance Industry’s board today, and the company reiterated that his appointment has nothing to do with Saudi Aramco’s plans to buy a stake in its oil-to-chemicals business.
The voting period for the appointment, which was made on July 19 for a three-year term, will end on October 19. Al- Rumayyan appointment to the board was widely interpreted as part of a process to finalise a deal to sell a 20% stake in the Indian conglomerate’s oil-to-chemical business to the world’s largest oil exporter for $15 billion in 2019.
Reliance said on Wednesday that his hiring has nothing to do with the agreement, but that Saudi Aramco would be involved in the deal-related process to spin off the oil-to-chemicals business into a distinct entity.
After a year-long delay caused by a pandemic-related drop in oil prices and demand, the agreement is likely to be finalised soon. Since 2015, Al-Rumayyan, the chairman of Aramco’s board, has served as the governor of Saudi Arabia’s Public Investment Fund.