With the deal between Saudi Aramco and RIL getting delayed, there has been persistent market speculation on whether it would be called off.

Addressing the subject at the company's 43rd AGM, Mukesh Ambani told shareholders that while the deal had been delayed, RIL remained committed to a long term partnership with Saudi Aramco.

"Due to unforeseen circumstances in the energy market and the COVID-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met. Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership. Reliance’s long-term vision, beyond O2C and re-imagining of our entire energy platform,"' he said.

Reliance was looking at selling a 20 percent stake in the oil to chemical (O2C) business which comprises of its twin oil refineries at Jamnagar in Gujarat and its petrochemicals assets, to Saudi Aramco. The deal would have given Aramco a stake in one of the world's best refineries and the largest integrated petrochemical complex, and also access to one of the fastest-growing markets- a ready-made market for 5 lakh barrels per day of its Arabian crude and offering a potentially bigger downstream role in future.

Ambani said RIL will be moving the NCLT shortly to hive off the O2C business.

First Published:Jul 15, 2020 3:47 PM IST