Aramco Still Aims for $15 Billion Deal With India’s Reliance - Bloomberg

Aramco Still Aims for $15 Billion Deal With India’s Reliance - Bloomberg:

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.

Mumbai-based 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, which bought chemical firm Saudi Basic Industries Corp. for $70 billion this year, is already a major supplier of crude to India, while Reliance sells petroleum products such as gasoline to the kingdom.

“We are still in discussion with Reliance,” Aramco Chief Executive Officer Amin Nasser said on a call with reporters on Sunday. “The work is still on. We will update our shareholders in due course.”