Reliance Industries’ plans to sell 20% stake in its oil-to-chemical business to Saudi Aramco is delayed, chairman of the Indian conglomerate said on Wednesday.
Reliance, operator of the world’s biggest refining complex, last year announced a $15 billion deal with the world’s top oil exporter Aramco as part of the Indian company’s efforts to cut its debts.
“Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal (with Saudi Aramco) has not progressed as per the original timeline,” Mukesh Ambani told shareholders on Wednesday.
The Aramco deal was initially expected to be completed by March 2020.
No comments:
Post a Comment