UPDATE: Reliance and Aramco call off acquisition deals amid valuation differences

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.