Reliance Industries has made “substantial progress” in its discussions with Saudi Aramco for the latter picking up a stake in RIL’s O2C (Oil to Chemicals) business, Chairman Mukesh Ambani said in his address to shareholders at the company’s 44th AGM, held virtually. He said he expected the partnership to be formalised during this year.

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“The demand and margin environment for petrochemicals had recovered to pre-COVID levels by March. I am confident that our O2C business will benefit from the strong global growth environment,” Ambani said.

“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. Despite several challenges due to COVID-19, we have made substantial progress in the past year in our discussions,” he said.

These discussions have been held in the spirit of mutual commitment to convert our long-standing relationship into a perpetual partnership. I expect our partnership to be formalised in an expeditious manner during this year,” Ambani said.

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