Reliance's stake sale talks with Aramco stall over price, sources say - Reuters:
Talks over the sale of a 20% stake in Reliance Industries Ltd’s oil-to-chemical business to Saudi Aramco have stalled over price, four sources familiar with the matter said.
With the energy market hit by falling demand for crude due to COVID-19, Aramco wants the Indian conglomerate to review the $15 billion it agreed to sell the stake for last year, the sources told Reuters.
“Aramco has told Reliance that refining margins are terrible and are expected to remain subdued in Q3 at least, so they can’t pay the price they have agreed pre-COVID,” one of the sources said.
“In reality, Aramco does not have the money.”
A second source said Reliance would wait for the market to recover rather than settling for a “drastic” revaluation of the asset.
No comments:
Post a Comment