Reliance had in August 2019 put a $ 75 billion valuation for the O2C enterprise, valuing a 20 per cent stake at $ 15 billion.Talks with Aramco dragged on even after the worldwide pandemic broke out amid hypothesis that Aramco had began to baulk on the worth even because it reviewed its funding technique in India. Analysts at Bernstein had lately valued the O2C enterprise of RIL at a comparatively decrease valuation of $ 69 billion.Oil costs had fallen sharply after the COVID-19 pandemic broke out and this had solid a cloud on the deal. But hopes had been re-ignited in the midst of this yr when experiences advised that the 2 sides had resumed discussions.With oil costs beginning to rally as soon as once more, there was a way of optimism that the deal would lastly undergo – a view that gained credence when Saudi Aramco chairman Yasir al-Rumayyan was appointed as an impartial director on the RIL board.O2C doesn't embrace the upstream oil and fuel producing belongings such because the KG-D6 block within the Bay of Bengal. A stake in Reliance's O2C enterprise would have given Aramco an entry into one of many world's fastest-growing gas markets. It would even have given it a ready-made marketplace for 5 lakh barrels per day of its Arabian crude and provide a probably larger downstream position sooner or later.Aramco has an fairness stake in China's largest O2C undertaking at Zhejiang with a long-term crude provide settlement and a plan to construct a community of stores. It additionally has a gas retailing three way partnership with Sinopec working 1,000 stores.An funding in Reliance's O2C subsidiary might have given Aramco an identical footprint - a stake in India's largest O2C undertaking with a long-term crude provide settlement and participation in gas retailing through the Reliance-BP three way partnership.Over the previous years, the oil-to-telecom conglomerate has segregated companies into separate verticals - Jio Platforms homes the corporate's digital and telecom unit, retail is a separate unit and oil refining and petrochemical segments have been carved into the O2C sector to draw strategic partnerships.The agency had lately introduced carving out the O2C enterprise as a separate subsidiary to help strategic partnerships and new traders in an effort to speed up its new power and materials plans. That course of has now been halted.