Reliance Industries Ltd. said on Sept. 29 Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending a shareholder approval on the decision.
Last week, shareholder California State Teachers' Retirement Fund had decided to vote against the move based on U.S. proxy advisory research firm Glass Lewis' recommendation.
The voting process on the appointment, made on July 19 for a period of three years, will end on Oct. 19.
Al-Rumayyan's inclusion to the board was widely seen as part of a process to formalize a deal to sell 20% stake in the Indian conglomerate's oil-to-chemical business to the world's top oil exporting company for $15 billion in 2019.
However, Reliance said on his appointment has no connection with the transaction, adding that Saudi Aramco will be a part of the deal-related process to spin off the oil-to-chemicals business into a separate unit.
The deal is expected to be completed soon after a delay last year due to pandemic-led hit to oil prices and demand.
Al-Rumayyan, chairman of Aramco's board, has been the governor of the Public Investment Fund of Saudi Arabia since 2015.
Project Canary, which has recently launched responsibly sourced natural gas pilot projects with shale giants EQT and Chesapeake Energy, will certify emissions from the gas wellhead to Rio Grande for U.S. LNG developer NextDecade.
TotalEnergies has signed a sale and purchase agreement on June 3 with Novatek to acquire 10% of Arctic Transshipment LLC, which owns and will operate two LNG transshipment terminals being built in the Murmansk and Kamchatka regions of Russia.
Multinational trading house Glencore agreed to acquire the LNG assets, a business which Ørsted said had been “loss-making.”