BENGALURU: Reliance Industries said on Thursday it hopes to formalize its partnership with Saudi Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director.
“Al-Rumayyan joining our board is also the beginning of internationalization of Reliance,” Chairman Mukesh Ambani told shareholders on Thursday.
Reliance had announced a sale of a 20 percent stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world’s top oil exporting firm.
However, the deal stalled after oil prices and demand crashed last year due to the pandemic.
Separately, Reliance Industries said it would invest 750 billion Indian rupees ($10.10 billion) in a new energy business over the next three years, Ambani said.
Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making factory and an electrolyzer unit to produce green hydrogen as a part of the business, Ambani said.
As a part of the new business — called the Dhirubhai Ambani Green Energy Giga Complex — Reliance will also build solar capacities of at least 100 GW by 2030, Asia’s richest man told his shareholders at the meeting which was held virtually due to COVID-19.
That would account for over a fifth of India’s renewable energy target of installing 450 GW by 2030. India wants green energy sources to make up 40 percent of electricity generated by the end of this decade.
Reliance expects Aramco deal to formalize this year amid $10bn energy push
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Reliance expects Aramco deal to formalize this year amid $10bn energy push
- Plan to invest $10bn in a new energy business over three years
- Reliance had announced a sale of a 20 percent stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
