RIL to soon deal with world's largest oil exporter company, Aramco CEO said this

RIL to soon deal with world's largest oil exporter company, Aramco CEO said this

New Delhi. World's largest oil exporting company Aramco , RelianceIndustries Ltd. Is examining the deal to buy a $ 15 billion stake in the refining and petrochemicals business. Aramco's Chief Executive Officer (CEO) Amin Nasir said this. In August last year, veteran industrialist Mukesh Ambani announced plans to sell a 20 per cent stake in RIL's oil-to-chemicals business (O to C) to Aramco. For this, he valued the venture at $ 75 billion. The deal was supposed to be completed by March 2020 but is delayed. Naseer said in a conversation with investors about the June quarter results, "In the context of the deal with Reliance, I can only say at the moment that its investigation is going on." Based on the ongoing investigation We will take a decision on this. ”Naseer said in an investor call that the refining complex, located in one of the largest in the world and India's largest petrochemical assets, is a big deal. That is why, we need time to review it and after that we will decide based on the outcome of the study.

Ambani said at the annual general meeting of Reliance Industries last month that the Aramco deal has been delayed due to the unpredictable energy market situation and the Kovid-19 situation. He neither said that the deal was on track nor gave a new deadline for its completion. Naseer also did not give a deadline for the completion of the deal. He said that talks with Reliance are still going on and shareholders will be informed about it at the appropriate time. The oil-to-chemicals business of Reliance Industries includes a 51 percent stake in the company's two refineries, a petrochemical plant and a fuel retailing venture in Jamnagar, Gujarat. Sources say the delay in the deal could also be due to the valuation issue. After the annual general meeting of Reliance Industries last month, Bernstein said, The plan to sell a 20 percent stake in the refinery and chemicals business to Aramco for $ 15 billion could not proceed as planned. The reason for this may be a change in market condition. We believe the deal is still possible but will be at a lower price.