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Talks about selling a 20% stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over the valuation, four sources familiar with the matter said, as the energy market has been hit by COVID-19.
Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled due to falling demand for crude, one source said.
A second source said Aramco wanted to "revisit" the valuation.
Reliance Chairman Mukesh Ambani told shareholders on Wednesday a deal had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation".
Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled due to falling demand for crude, one source said.
A second source said Aramco wanted to "revisit" the valuation.
Reliance Chairman Mukesh Ambani told shareholders on Wednesday a deal had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation".
1 Comment on this Story
 | Suresh Kamath Yes these Aramco Valuation would have gone downwards due to Low Value of Crude and WOULD Remain on lower scale most of 2020 and later too as MOST of the NATIONS of the World have started using Alternate Fuel for Vehicles and have been SUCCESSFUL to some extent and hence the demands have tapered off from these Oil Producing Nations and OPEC have been trying to HOLD their Crude prices BUT in Vain. RIL Need to hold their Line of Valuation and never give these Saudis any leeway for better Values for them BUT Refinery Business of RIL NEED Crude for refining on Contract Basis and EXPORT them as required by the Clients across the GLOBE |