Saudi Aramco chairman Yasir Al-Rumayyan to join Reliance board

Reliance Industries Ltd (RIL) Chairman Mukesh Ambani said Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, will be joining the board of the company as an independent director. Ambani was addressing shareholders virtually at the company’s 44th annual general meeting (AGM).

Ambani added that Rumayyan’s joining the RIL board was also the beginning of “internationalization” of Reliance.

“I am delighted to welcome H.E. Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, to join the board of Reliance Industries as an independent director,” Ambani said.

“He is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world’s largest companies, and also one of the largest Sovereign Wealth Funds in the world.

His joining our Board is also the beginning of internationalisation of Reliance. You will hear more about our international plans in the times to come,” Ambani said.

Ambani said the company is looking forward to welcoming Saudi Aramco as a strategic partner in its O2C business.

“We expect our partnership with Aramco to be formalised in an expeditious manner during this year,” he said.

Continued engagement and resolve from both sides, even during this pandemic, is a testimony of the strong relationship between Saudi Aramco and Reliance, Ambani added.

“As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business,” he said.

In 2019, RIL had announced the plan to sell its 20 percent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, for $15 billion to Aramco. CNBCTV18