ESG was the main hurdle that stalled Aramco's deal with India's RIL

ESG was the main hurdle that stalled Aramco's deal with India's RIL

Environmental, social and governance or ESG criteria was a key factor behind the abandonment of a planned investment by Saudi Aramco in Reliance Industries Ltd’s oil-to-chemicals (O2C) business, two people aware of the matter said.

RIL’s plan to sell a 20% stake in the business to the world’s largest oil producer also faced other hurdles such as differences in valuation, new energy and net-zero emission targets of both firms, the people said, requesting anonymity.

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