Reliance CEO gets $1.5 billion from Saudi Arabia for his Jio war chest

Reliance CEO gets $1.5 billion from Saudi Arabia for his Jio war chest

Now he has attracted a powerful new investor with deep pockets: Saudi Arabia. The kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), will pay $1.5 billion for a 2.3% stake in Jio Platforms, the digital technology arm of Ambani’s sprawling conglomerate Reliance Industries. The deal, announced on Thursday, values Jio Platforms at close to […]

US crude imports surge as Saudi oil ‘armada’ arrives

US crude imports surge as Saudi oil ‘armada’ arrives

US oil imports surged last week, with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch.The federal Energy Information Administration on Thursday said Saudi supplies to the US...