Reliance, Aramco call off $15 bln deal amid valuation differences, sources say
The Hindu
The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables
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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