Aramco in advanced talks on up to $25 billion Reliance deal – Bloomberg News

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An agreement could be reached as soon as the coming weeks, according to the report https://www.bloomberg.com/news/articles/2021-08-16/aramco-said-in-advanced-talks-on-up-to-25-billion-reliance-deal?utm_source=google&utm_medium=bd&cmpId=google, which cited people with knowledge of the matter.

Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Aramco for $15 billion in 2019, but the deal stalled after oil prices and demand crashed last year due to the pandemic.

In late June, Reliance’s billionaire chairman Mukesh Ambani said it hopes to formalise its partnership with Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director.

Aramco did not immediately respond to a Reuters request for comment, while Reliance declined to comment.

Reliance shares were up 2.3% at 2,194.15 rupees.