Saudi Aramco In Advanced Talks On Up to $25 Billion Reliance Deal - Report

Published August 16th, 2021 - 10:30 GMT
Saudi Aramco In Advanced Talks On Up to $25 Billion Reliance Deal - Report
In 2019, Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Saudi Aramco for $15 billion, but the deal was hindered. (Shutterstock)

Saudi oil behemoth, Aramco, is in advanced talks to acquire 20% stake in India's Reliance Industries Ltd's oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday.

The deal could be finalized as soon as the coming weeks, according to the report, which cited people with knowledge of the matter.

In 2019, Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Saudi Aramco for $15 billion, but the deal was hindered due to fall in oil prices and demand caused by the pandemic.

Aramco did not immediately respond to a Reuters request for comment, while Reliance declined to comment.


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