Saudi Aramco chief may join RIL’s board: Report

Written by: Our Bureau

(Our Bureau, June 15) Saudi Aramco chairman Yasir Al-Rumayyan is likely to join the board of Reliance Industries, Economic Times reports, quoting unidentified sources close to the development. The move will further strengthen the partnership between the world’s largest oil exporter and one of the fastest-growing energy consumers. A formal announcement is expected to be made by RIL chief Mukesh Ambani at his company’s annual general meeting later this month. Al-Rumayyan, who also heads Saudi Arabia $480 billion sovereign wealth fund (Public Investment Fund), will become one of the few foreign nationals to hold a board position in Indian companies. It could signal the first step towards Aramco’s much-awaited $15 billion investment in RIL’s oil refining and petrochemicals businesses, besides strengthening diplomatic ties between New Delhi and Riyadh.

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