Reliance, Aramco call off $15-billion deal amid valuation differences, sources say

Because of value concerns, an agreement between Dependence Industries and Saudi Aramco to purchase a stake in the Indian aggregate's oil-to-synthetic chemicals business has been scrapped, according to persons with knowledge of the subject. As the world strives to disassociate itself from petroleum derivatives and reduce emissions, they added, disagreements over the amount Reliances oil-to-synthetics (O2C) business should be valued. According to one of the sources, Reliance will now focus on signing different agreements with organisations to generate claim to fame synthetic substances for higher edges, assuming all other factors are equal. Aramco, the world's largest oil exporter, agreed to a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. After two years of dealings, the companies said this week that they would review the agreement. The arrangement's disintegration reflects the changing global energy landscape.