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Aramco-Reliance Pact Stay Unaffected, Regardless of India-Saudi Oil Stand-off

By
siliconindia | Friday, 23 April 2021, 06:48 Hrs
The stand-off between India and Saudi Arabia intensifies with the kingdom swelling the crude oil price for Asia as well as India cutting imports from the Gulf nation. However, the state-run Saudi Aramco s stake purchase plan in Reliance O2C Ltd remains unaffected, says the sources aware of the advancement.
Aramco is keen on partnering with Reliance and the discussions are progressing as expected, according to the close sources.
The world s largest oil producing company, Aramco is likely to record a strong performance in this year, credits to the spike in crude prices. Yet, the Brent crude price is hovering across $65 per barrel, in comparison with $38 in early November. However, the Bank of America (BoA) earlier estimated that Aramco would generate close to $100 billion in cash flow in 2022. ....

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