Aramco still working on deal to buy $15 bn stake in Reliance Industries

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices force it to slash other investments.
 

Reliance’s shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed “due to unforeseen circumstances in the energy market and the Covid-19 situation.”
 

A deal with India’s Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers. State-owned Aramco, which bought chemical firm Saudi Basic Industries Corp. for $70 billion this year, is