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We're still working on deal to invest in Reliance Industries, says Aramco CEO

At the 43rd Annual General Meeting held virtually on July 15, Mukesh Ambani said the deal with Saudi Aramco had not progressed as per the earlier timeline due to the COVID-19 pandemic.

August 09, 2020 / 06:34 PM IST

Saudi Aramco's Chief Executive Officer (CEO) Amin H. Nasser said the oil major is still working on a deal to invest in Reliance Industries Limited (RIL), Bloomberg reported on August 8.

At the 43rd Annual General Meeting held virtually on July 15, RIL Chairman Mukesh Ambani said the deal with Saudi Aramco had not progressed as per the earlier timeline. This was due to unforeseen circumstances and the COVID-19 pandemic, he added.

"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.

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Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

 
Moneycontrol News
first published: Aug 9, 2020 05:28 pm

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