Saudi Aramco to buy Reliance stake, reports 12% earnings slide [Reuters]
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Source: Reuters
Saudi Aramco to buy Reliance stake, reports 12% earnings slide - Reuters 4 Min Read DUBAI (Reuters) - Saudi Aramco reported a 12% fall in half-year net profit on Monday, yet remained the world’s most profitable company, while India’s Reliance Industries ( RELI.NS ) said Aramco is looking to buy into its refining and petrochemicals business. Aramco signed a letter of intent to take a 20% stake in Reliance’s oil-to-chemicals business in one of the largest ever foreign investments in India, Reliance announced. Aramco, which declined to comment on the Indian deal, reported a net profit to $46.9 billion. By comparison, Apple Inc ( AAPL.O ), the world’s most profitable listed company, made $31.5 billion, U.S. rival Exxon Mobil Corp. around $5.5 billion and Royal Dutch Shell ( RDSa.L ) some $8.8 billion. “Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost ma
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