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Will 20% stake in RIL’s refining satisfy Aramco’s appetite for India?

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Mumbai: Oil and crude have always created a buzz in the global market. As India is one of the economies where the oil demand is constantly increasing, it attracts market for the foreign oil companies to put their money in Indian Market.

 RIL (Reliance Industry Limited) has sold its 20% stake in its refining and petrochemicals business for $15 billion to Saudi Aramco on Monday, speculation has been rife if the latter would keep its commitment to the $44 billion west coast refinery and petrochemicals project being implemented in Maharashtra. The project called Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), facing land acquisition challenges, has been moved from its original site in Ratnagiri to Roha.

Senior official from oil marketing company told “Saudi Aramco has a voracious appetite for the Indian market. A 20% stake in RIL will not satisfy that. In fact, Saudi Aramco wants a bigger share of the 50% stake in the west coast refinery,”. This shows the interest and appetite Aramco has for Indian sector.

RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). Saudi Aramco and Adnoc will jointly own 50% of the refinery, with the remaining 50% being owned by the Indian oil companies. Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million ton, while diesel sales climbed 3.3%, its highest year-on-year rise since January, to 6.83 million ton.

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Amazon Great Indian Festival sale starts from september 29th

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India’s favourite e-commerce portal, Amazon India, has just announced the biggest retail event of the year Amazon Great Indian Sale. The dates of this 6-day shopping extravaganza have been announced. The sale will go live on 29th September 2019 and end on 4th October 2019. Prime members will get a 12-hour early access to the sale. For them, Amazon Great Indian Festival Sale 2019 will commence on 28th September at 12 PM. Amazon has unveiled a few of the best offers that will be up for grabs. During the course of this five-day shopping extravaganza, Amazon India will provide jaw-dropping Amazon Great Indian Sale offers, deals, and discounts on purchases made from Amazon India’s e-commerce platform.

The company is offering a plethora of discounts such as up to 40% off on “latest and best smartphones of 2019” which include 15 new smartphones and accessories; up to 90% off on fashion with over 1200 top brands; up to 80% off on more than 50,000 home and kitchen products; and up to 75% off on home appliances.

In addition to discounts, Amazon will also be offering festive cashback offers on Amazon Fashion, combo offers on books, gaming and toys and the opportunity to save more using Amazon coupons on daily essentials. Kitchen and home products will be listed at the “lowest ever prices” with free installation. Moreover, more than 11,000 products by Amazon brands will be listed on sale.

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