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Saudi Aramco remains committed to India’s Reliance $15bn deal

Saudi Aramco remains committed to India’s Reliance $15bn deal
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Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) remains committed to its investment plan in India, including a $15 billion deal to buy a stake in Reliance Industries Limited (RIL), although the coronavirus pandemic hit oil companies hard and hammered demand, India's largest independent newswire IANS recently reported.

Aramco said it is still interested in all of its Indian investment plans, including the proposed $15 billion investment in RIL’s refinery and chemicals business.

“We are still engaging in discussions with Reliance Industries and will make appropriate updates as and when necessary,” the oil giant said in an e-mail reply to a query from the Indian news agency. 

Aside from the Reliance agreement, the Saudi state-run oil company voiced its interest in participating in several other ventures in India, the world’s third biggest oil consumer.

Last month, Reuters reported that talks over Saudi Aramco’s acquisition of a 20% stake in Reliance Industries have stalled over price.

“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.