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Saudi Aramco to buy 25% stake in Reliance Industries; World Heritage Day 2019 observed - Current Affairs

Saudi Aramco, the world's largest oil exporter, is in talks to buy 25 percent stake in Reliance Industries' oil refineries and petrochemical complex. The theme of World Heritage Day 2019 was ‘Rural Landscapes’.

Apr 18, 2019 16:11 IST
Reliance Industries

Story 1: Saudi Aramco to buy 25% stake in Reliance’s refining & petrochemical business

Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, is in talks to acquire 25 percent stake in Reliance Industries' refining and petrochemicals businesses. However, both Aramco and Reliance declined to comment on the issue.

This stake sale of Reliance Industries Limited (RIL) would fetch around USD 10-15 billion, valuing Reliance’s refining and petrochemicals businesses at around USD 55-60 billion.

Reliance Industries is India’s biggest refining and petrochemicals company, controlled by Mukesh Ambani.  Reliance runs 1.4 million barrels per day (bpd) refining complex at Jamnagar in western India. It plans to expand capacity to 2 million bpd by 2030.

Note

Saudi Aramco, the world’s largest crude producer, has shown interest of investing in Reliance Industries Limited days after Saudi Arabia's Crown Prince, Mohammed bin Salman's visit to Delhi in February 2019.

During his visit, the Crown Prince pledged to invest over USD 100 billion in India over the next two years in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining, manufacturing, education and health.

Saudi Aramco also looks forward to invest in “West Coast Refinery and Petrochemical Project”, India’s largest oil refinery on the west coast in Maharashtra. The refinery project will be developed by three domestic oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum. The project is estimated to cost USD 44 billion.

Saudi Aramco

Saudi Aramco is the state-owned oil company of the Kingdom of Saudi Arabia.

Over the past 80 years, the company has become a world leader in hydrocarbons exploration, production, refining, distribution and marketing.

The company manages crude oil and condensate reserves of 261.1 billion barrels.

The average daily crude production of the company is 10.2 million barrels per day.

Headquartered in Dhahran, Saudi Arabia, Saudi Aramco has offices and operations throughout the Kingdom with over 65,000 workers worldwide.

The company has its subsidiaries and affiliates located across the globe in China, Egypt, Japan, India, the Netherlands, Korea, Singapore, the United Kingdom and the United States.

Story 2: World Heritage Day 2019 observed


18 April: World Heritage Day


World Heritage Day, also known as the ‘International Day for Monuments and Sites’, was observed across the world on April 18, 2019 with an aim to create awareness among the people to conserve and protect the valuable assets and cultural heritage across the world.

The day marks the necessity of protecting the historical monuments and sites located in every part of the world by making collective efforts at international level.

Theme

The theme of World Heritage Day 2019 was ‘Rural Landscapes’.

About the World Heritage Day

On 18 April 1982, the International Council for Monuments and Sites (ICOMOS) organised a symposium in Tunisia. It was on that day the Council suggested a special day to be celebrated all through the world in the name of "International Day for Monuments and Sites" on 18 April every year.

The notion was also approved by the UNESCO General Conference which passed a resolution at its 22nd session in November 1983.

The International Day for Monuments and Sites is traditionally called the World Heritage Day.