Saudi Aramco, Reliance deal delayed not canceled, CEO says

Saudi Aramco, Reliance deal delayed not canceled, CEO says

DHAHRAN: Rejecting claims about the cancellation of a deal between Saudi Aramco and India’s Reliance, the chief of the oil company told Arab News it would push ahead with the plan following the restructuring of the Indian firm. Amin Nasser said Reliance is “restructuring their facilities,” and they will “continue to discuss further with them in the future after they finish the restructuring.” The two companies had signed a non-binding agreement in 2019 for Aramco to acquire a 20 percent stake in Reliance’s oil-to-chemicals unit. But the deal, valued at roughly $15 billion, has faced some delays because of the pandemic and its impact on fuel demand. Meanwhile, the Saudi oil giant is working to expedite operations at its joint venture with Malaysia’s Petronas, according to CNBC Arabia. Aramco plans to resume work on the Pengerang Integrated Petroleum Complex before the end of the year, in which the Saudi firm invested about $7 billion three years ago. The project was disrupted in 2019 due to a fire in a desulfurization unit during the trial operation of the refinery, and the operations were postponed more than once ever since. The Saudi company owns a 50 percent stake in the project and