India’s Reliance Industries Limited (RIL) is set to complete a $15bn deal with Saudi Aramco this year, as per an announcement by Mukesh Ambani, Chairman of RIL during the company’s 44th Annual General Meeting (AGM). The deal for the sale of a 20% stake in RIL’s refining and petrochemicals assets was first announced in 2019 but got stalled last year due to the pandemic. FT notes that talks were recently held between RIL and the kingdom. It is expected that the initial payments for the Reliance deal will be in form of shares and subsequently via staggered cash payments over several years. With the announcement, RIL also appointed Aramco’s Chairman Yasir Al-Rumayyan on their board. Ambani said, “We look forward to welcoming Saudi Aramco as a strategic partner… We expect to formalize the partnership with Saudi Aramco this year.”  Separately Ambani also announced plans to invest $10bn in clean energy over the next three years and plans to build four gigafactories for solar energy by 2030.

Both RIL’s and Aramco’s bonds were flat. RIL’s 3.667% 2027s were at 108.8, yielding 2.2% and Aramco’s 3.5% 2029s were at 108.38, yielding 2.3%.

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