Due to evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context.

Egypt targets 20% of electricity production from renewables in 2022 (10% achieved in 2020) and 42% for 2030, with 25% from solar, 14% from wind, and 2% from hydropower.

The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its third quarter financial results, recording a 158% year-on-year (YoY) increase in net income to $30.4 billion and declaring a dividend of $18.8 billion to be paid in the fourth quarter.

The Jazan IGCC project will convert vacuum residue to be produced in the adjacent Jazan refinery (400,000 bbl/d) into synthesis gas (syngas).

Saudi Arabia also intends to develop carbon capture use and storage (CCUS), and to reduce global methane emissions in 2030 by 30% relative to 2020 levels. It will focus on energy efficiency in industry, building and land transportation and plans to retrofit the entire pool of public and governmental assets and facilities.

This unique project counts among the most advanced and complex HVDC (high-voltage direct current) projects of its kind worldwide and stands as the first inter-continent HVDC project in the world.

Saudi Aramco net income: $25.5 billion (Q2) / $47.2 billion (H1)

“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).

In 2019, Reliance announced the sale of a 20% stake to Saudi Aramco, the world's top oil exporting company.

Aramco and ADNOC are likely to use their connections to woo investments to their hydrogen and ammonia projects.