Reliance, Aramco Reportedly Call Off $15 Billion Deal amid Valuation Differences

Sources say talks broke down between Reliance Industries and Saudi Aramco over how much Reliance’s oil-to-chemicals business should be valued as the world seeks to move away from fossil fuels and reduce emissions.

Nidhi Verma and Saeed Azhar, Reuters

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns, sources with knowledge of the matter said.

Talks broke down over how much Reliance’s oil-to-chemicals (O2C) business should be valued as the world seeks to move away from fossil fuels and reduce emissions, they said.

Instead, Reliance will now focus on signing multiple deals with companies to produce specialty chemicals for higher margins, one of the sources said.

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