Reliance, Aramco called off $15-bn deal amid valuation differences: Report

Talks broke down over how much Reliance's O2C business should be valued as the world seeks to move away from fossil fuels and reduce emissions, say sources

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.

Aramco, the world's top oil exporter, signed a non-binding agreement to