In a press release, the oil majors reiterated their desire to remain preferred partners, with Reliance set to continue as the Saudi company’s collaborator in the subcontinent.
“Due to [the] evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” read the press release.
In August 2019, Reliance and Aramco signed a letter of intent for the latter to potentially acquire a 20% stake in the Ambani-led company.
Talks are being reset in light of Reliance making forays into new energy businesses in recent months; there are also plans to invest $10 billion in alternative energy over three years. Reliance has already bought a German photovoltaic solar wafer manufacturer and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.