Lawstreet Journal

Aramco confirms of working on investment deal worth $15 bn with RIL

Lawstreet Journal 14 Aug 2020 2:39am

Image courtesy: Lawstreet Journal Business Aramco confirms of working on investment deal worth $15 bn with RIL

The Saudi Arabian Oil Co.’s chief executive officer Amin Nasser told that they are still discussing their deal with reliance industries and mentioned that they will update their shareholders in due course of time.

Reliance Industries had announced to sell a 20% stake in its oil to chemicals business to Saudi Aramco. This deal would have helped the company to become one of the top oil refiners and chemical makers.

But due to unforeseen circumstances in the energy market and the COVID-19 pandemic there has been a slowdown in businesses and a reduced demand for crude oil and petroleum products.

However, at the RIL’s annual general meeting, which was held virtually on 15 July, CEO Mukesh Ambani said that they value their two-decade-long relationship with Saudi Aramco and will complete the process by early 2021.

Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership," Ambani had said.

Saudi Aramco on August 8 announced that its second-quarter net profit dived due to a sharp drop in oil prices as the COVID-19 pandemic hampered global demand.

"Strong headwinds from reduced demand and lower oil prices are reflected in our second-quarter results," the CEO said.

Aramco reported a 50% drop in net income for the six months ended 30 June. Reduced oil demands and low prices have been major reasons for this drastic fall. Another major reason for the slowdown of the deal is that reliance has now met with its equity requirements and its need for cash infusion has… Continue Reading...


Tagged: Reliance Industries   Reliance Industries Limited   Reliance Industry  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com