Saudi Aramco chairman to join Reliance Industries board

Thursday, June 24, 2021

Reliance Industries Ltd said on Thursday Saudi Aramco Chairman Yasir Al-Rumayyan will join the Indian conglomerate's board.

"Al-Rumayyan joining our board is also the beginning of internationalisation of Reliance," Chairman Mukesh Ambani told shareholders on Thursday.

Amabani said he was delighted to announce that Al-Rumayyan, who is also the governor of the Public Investment Fund, will join the Board of Reliance Industries Limited as an Independent Director, adding that he is one of the most renowned names in energy finance and technology globally. “I am sure that we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest Sovereign Wealth Funds in the world.”

As chairman of energy behemoth Saudi Aramco and Governor of the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, which has assets in excess of $400 bn, Yasir Al-Rumayyan, 51, is one of the most influential and widely respected business & investment figures in the regime of crown prince Mohammed Bin Salman.

Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world's top oil exporting firm.

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