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Reliance challenges move to block stake sale to Saudi Aramco

Government seeks to halt deal amid revenue-sharing dispute

According to the latest petition from the government, Reliance is seeking to sell stake in the refining and petrochemicals business to pare its $41 billion of debt, after which it may be difficult to get the dues it owes the government.   © Reuters

MUMBAI (NewsRise) -- Reliance Industries challenged a government court petition that sought to block the oil-to-chemical giant's move to sell a 20% stake to Saudi Aramco over an ongoing revenue-sharing dispute, saying no tribunal has issued a final liability on the company.

The government had filed a petition with the Delhi High Court seeking a stay on Reliance Industries' $15 billion stake sale to Aramco, saying the Mumbai-based company and BG Exploration and Production India, a unit of Shell, have to pay about $3.5 billion in an international arbitrary award from a production sharing dispute over the Panna-Mukta Tapti fields, according to local media reports.

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