Saudi Arabian state oil company Saudi Aramco has purchased the refining and petrochemical branch of Reliance Industries in India. The Saudis take a 20 percent stake in that division in a deal that values the branch at $ 75 billion. Saudi Aramco will provide that division with 700,000 barrels of oil every day.
Saudi Aramco suffered from falling oil prices in the first half of the year compared to a year earlier. The costs also increased. This led to a profit decrease of 12 percent. The net profit nevertheless amounted to 46.9 billion dollars.
Saudi Aramco has only been providing insight into financial performance since April because the company is preparing for an IPO. This may take place in the coming year.