Aramco In Advanced Talks With Reliance On Deal Worth 25 Billion Dollar

Saudi Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd’s oil refining and chemicals business for about $20 billion to $25 billion in Aramco’s shares, as per an agency report on Monday.

An agreement could be reached as soon as the coming weeks, according to the report https, which cited people with knowledge of the matter.

Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Aramco for $15 billion in 2019, but the deal stalled after oil prices and demand crashed last year due to the pandemic.

In late June, Reliance’s billionaire Chairman Mukesh Ambani said it hopes to formalize its partnership with Aramco this year, and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director. Aramco did not immediately respond to a request for comment, while Reliance declined to comment.