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Aramco eyes deal with Reliance, others for investing in India
Posted on 21st February 2019
Saudi Aramco, the world’s largest oil exporter, on Wednesday said it was in talks with Reliance Industries and other Indian firms to invest in petrochemicals and refinery projects in the country.

“India is an investment priority for Saudi Aramco. There is a lot of growth potential. We are looking at additional investments in India. We are in discussions with other companies as well, including Reliance Industries,” Saudi Aramco CEO Amin Nasser said at the Saudi Arabian General Investment Authority’s Saudi Forum meet.

Reliance Industries, the country’s biggest refining and petrochemicals company running a 1.4-million-barrel-per-day (bpd) refinery, plans to expand the capacity to 2 million bpd by 2030, according to plans shared with the government.

“India is looking for stronger ties with Saudi,” Sanjiv Singh, chairman of India Oil Corporation, said.

On the fate of the 60-million-tonne-a-year refinery project, which the ruling BJP and Shiv Sena in Maharashtra agreed to shift from Ratnagiri district following land acquisition problems, Nasser said, “We remain positive on our investment in India and are working with our partners, and they are assuring us that things are going very well. I think if there is any delay, we can catch up. All we hear lately is that things are progressing well and we should be optimistic about it going forward.”

He said Saudi Aramco continues to stay invested in the project, agreements for which were signed last year.

B. Ashok, the CEO of Ratnagiri Refinery, said the project was on time, despite land acquisition hurdles.

“We have an assurance from the Maharashtra government that we will be allotted land on the west coast, when we require it. The project is on time to be commissioned by 2025,” he said.

Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas.

India has a refining capacity of 247.6 million tonnes.

The Saudi Arabian General Investment Authority announced the signing of four investment agreements worth more than $28 million and 11 memorandum of understandings at the forum.

The MoUs cover partnerships across strategic sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment.

Related Companies: Reliance Industries Limited (RIL)   

Other Latest News
NTPC plant kills two birds with one stone: Converting Swachh Bharat into electricity generation
Posted on 20th March 2019
State-owned power producer NTPC Tuesday said its 200 kilo watt (kW) waste-to-energy plant in Karsada has achieved full generation capacity.

The plant is located in Karsada at Varanasi, Uttar Pradesh (UP).”Karsada plant has been able to achieve full load generation. Set up with an installed capacity of 200 kW, the thermal gasification-based pilot scale 24 tonne per day waste to energy plant has achieved full generation capacity,” NTPC said in a statement.


RCom shares continue to gain, rally 10 per cent
Posted on 20th March 2019
New Delhi: Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson.

The scrip rose sharply by 10 per cent to Rs 4.84 -- its upper circuit limit -- on the BSE.


Vodafone Idea sets terms for USD 3.6 billion worth rights issue
Posted on 20th March 2019
Vodafone Idea Ltd, India’s largest telecommunications company by subscribers, on Wednesday approved 250 billion rupees (USD 3.63 billion) rights issue at a sharp discount, sending its shares tumbling.

The deal is the second major fundraising by an Indian telco this year after Bharti Airtel Ltd announced a similar plan to reduce debt and fund operations in a market blighted by steep price competition.


Sensex, Nifty rise on sustained foreign fund inflow
Posted on 20th March 2019
Benchmark indices opened on a positive note on Wednesday on sustained foreign fund inflow ahead of March derivatives expiry.

However, gains were capped as Asian shares fell across the board in line with overnight drop in US stocks. Rising crude oil prices too worried investors.


The Centibillionaires: Bill Gates joins Jeff Bezos as the only two members of the $100 billion club
Posted on 20th March 2019
Bloomberg tracks the fortunes of some 2,800 billionaires. Of those, 145 are worth at least $10 billion, making them decabillionaires. Now, the world contains two centibillionaires simultaneously.

Microsoft Corp. co-founder Bill Gates, once the world’s richest person, has again eclipsed the $100 billion threshold, joining Amazon.com Inc.’s Jeff Bezos in the exclusive club, according to the Bloomberg Billionaires Index.


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