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According to media reports, Saudi Aramco and Reliance Industries have called off the two years negotiation for the state oil giant to acquire 20% of stake in Reliance's oil-to-chemical business that initially estimated at $15 billion amid valuation differences. 

While Reliance asserts the value of its oil-to-chemical business at $75 billion, the valuation for refining and petrochemical assets have gone down following the recent COP26 climate talks. Valuation consultants cut the value of the business to between $61-70 billion.

To add more value, Reliance changes its strategy by switching to cleaner feedstocks and energy at its O2C business while focusing on producing specialty chemicals for higher margins.