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Aramco renegotiating price for stake in India’s Reliance

Aramco renegotiating price for stake in India’s Reliance
SAUDI ARAMCO
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1.06% 33.50 0.35

Riyadh – Mubasher: Talks over Saudi Aramco’s acquisition of a 20% stake in India’s Reliance Industries have stalled over price, Reuters reported.

The coronavirus (COVID-19) pandemic has strongly impacted the oil market, accordingly, Aramco wants to review the deal’s $15 billion price tag.

“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 told Reuters.

Yesterday, Reliance Chairman Mukesh Ambani reportedly told the company’s shareholders that the deal has been delayed due to “unforeseen circumstances in the energy market and the COVID-19 situation.”