Due to the Indian oil conglomerate’s shifting priorities, Saudi Aramco and Reliance Industries have cancelled plans for the Saudi oil giant to invest $15 billion in buying 20% of Reliance’s oil-to-chemicals division.

Saudi Aramco and Reliance Industries signed a non-binding agreement of intent in August 2019 under which Aramco would buy a 20% stake in Reliance Industries’ oil to chemicals sector. The portion that Aramco would have purchased would have been worth roughly $15 billion, based on the division’s enterprise value of $75 billion.

In a statement last week, Reliance Industries said: “Due to 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.”

“Saudi Aramco and Reliance are deeply committed to creating a win-win partnership and will make future disclosures as appropriate. RIL shall continue to be Saudi Aramco’s preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco & SABIC for investments in Saudi Arabia.”

Aramco said that it would “continue to evaluate new and existing business opportunities with our potential partners” and that “India offers tremendous growth opportunities over the long term.”

Mukesh Ambani, Chairman of Reliance Industries, revealed at the Group’s AGM earlier this year that the company aims to invest more than $10 billion in a new business entity that will create solar modules, battery storage, electrolyser, and fuel cell factories over the next three years.