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Sinochem News.
Recently, Mukesh Ambani, chairman and managing director of India Trust Industry, announced at the annual shareholders meeting that the company has appointed Saudi Aramco Chairman and President of Saudi Arabia’s Public Investment Fund (PIF) Yasser Rumayyan is an independent director of the board of trustees, thus paving the way for the oil-based chemicals (O2C) business of India's trustworthy industry and Saudi Aramco
.
Ambani said that at present, the demand for petrochemicals and the profit environment have returned to the level before the new crown pneumonia epidemic
.
The O2C business between Xincheng Industry and Saudi Aramco will benefit from strong global market demand
In addition, as Faithful Industry has committed to achieving net zero emissions by 2035, the company has developed the Dhirubhai Ambani Green Energy Giga Complex, an integrated renewable energy manufacturing facility in Gujarat.
At the same time, it uses solar energy to decarbonize its O2C business
.
Mukesh Ambani said that this will be one of the world's largest comprehensive renewable energy manufacturing facilities
In 2019, Faithful Industry announced plans to sell 20% of the company's refining and chemical business to Saudi Aramco at an estimated purchase price of US$15 billion
.
However, in July 2020, due to unpredictable factors in the energy market and the spread of the new crown pneumonia epidemic, the negotiations with Aramco did not progress according to the original timetable