Saudi Aramco’s planned $15bn purchase of 20% of the refining and petrochemicals business of Reliance Industries is not expected to be completed until early next year, according to the head of the Indian conglomerate.

“Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline,” Reliance chairman Mukesh Ambani told the firm’s 15 July AGM. “Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership. We expect to complete this process by early 2021.” As recently as 30 April, Reliance had said the deal was “on track as both parties are committed and actively engaged.” (CONTINUED - 377 WORDS)