Abstract
Furthering its goal of pushing deeper into chemicals as the fuel market matures, the Saudi state oil company Saudi Aramco has signed a letter of intent to buy a 20% stake in Reliance Industries’ petrochemical and refining business for about $15 billion. In addition, Aramco’s US arm, Motiva Enterprises, has agreed to acquire Flint Hills Resources’ petrochemical plant in Port Arthur, Texas, for an undisclosed sum. Reliance’s petrochemical business had over $25 billion in sales during its most recent fiscal year, making it the 11th-largest chemical company in the world, behind South Korea’s LG Chem, according to C&EN’s survey of the Global Top 50 chemical companies. The refining and marketing business had sales of nearly $58 billion. It operates the world’s largest refinery, in Jamnagar, India. Reliance and Aramco have a longstanding relationship: Aramco has already provided 2 billion barrels of oil to the Jamnagar complex. With this new deal,
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