Reliance Industries Limited which is headquartered in Mumbai is headed by Chairperson and MD Mukesh Ambani. In recent developments, Reliance overtook ExxonMobil Corp. to become the largest energy company in the world after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays.
Reliance, which manages the biggest refinery complex, gained 4.3 per cent in Mumbai on July 24 adding $8 billion to take its market value to $189 billion, while Exxon Mobil erased about $1 billion. Meanwhile, shares of Reliance have jumped 43 per cent in the year 2020 compared with a 39 per cent drop in Exxon’s shares as refiners across the globe struggled with a plunge in fuel demand. Aramco with a market capitalization of $1.76 trillion is the world’s biggest energy company. Saudi Aramco which is popularly known as the Saudi Arabian Oil Company is a Saudi Arabian multinational petroleum and natural gas company based in Dhahran, Saudi Arabia.
According to sources, the deal-making propagated by Mukesh Ambani has brought about investments from both Google and Facebook into his digital platform in recent times. Moreover, he has recognized technology and retail as future growth areas in a pivot away from the energy businesses which he inherited from his father, Dhirubhai Ambani, who passed away in Mumbai, in the year 2002, from a stroke.
Meanwhile, due to the coronavirus outbreak, there has been a large scale decline in the global oil demand. This had sent energy marks into a spin. However, very recently, the market has started to recover, however, the big oil companies which include Exxon and Chevron Corp, are still reeling from the effects of bad oil prices with OPEC production cuts along with collapsing refining margins and millions of barrels of unsold crude.
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