Aramco still aims for $15 billion investment in RIL’s refining and chemicals business
Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd’s refining and chemicals business, even as lower oil prices forces it to slash investment spending.
Reliance’s shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed “due to unforeseen circumstances in the energy market and the Covid-19 situation.”
A deal with Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers. State-owned Aramco is already a major supplier of crude to India, while Reliance sells petroleum products, including gasoline, to the kingdom.
