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We're Still Working on Deal to Invest in Reliance Industries, Says Saudi Aramco CEO

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Last Updated: August 10, 2020, 15:08 IST

File photo of  Amin H. Nasser, president and CEO of Saudi Aramco. (REUTERS/Ahmed Yosri)

File photo of Amin H. Nasser, president and CEO of Saudi Aramco. (REUTERS/Ahmed Yosri)

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.

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.

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"Strong headwinds from reduced demand and lower oil prices are reflected in our second-quarter results," the CEO said.

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first published:August 10, 2020, 15:08 IST
last updated:August 10, 2020, 15:08 IST