Moody’s Investors Service on Wednesday said Reliance Industries’ announcement of sale of a 20 per cent stake in its oil to chemicals (O2C) business to Saudi Arabian Oil Company (Aramco) will reduce the company’s net leverage and is credit positive.
Saudi Aramco’s decision to invest in Reliance Industries’ oil-to-chemicals business is the first step towards a strategic partnership which will entail carving out the business into an independent company and growing it, says RIL’s executive director, PMS Prasad.
British energy giant BP will pay about Rs 7,000 crore for acquiring a 49 per cent stake in Reliance Industries’ fuel retailing network, billionaire Mukesh Ambani said on Monday. Last week, the two firms had announced a new joint venture to set up petrol pumps and retail aviation turbine fuel to airlines in India.
The Reliance Industries talks to grant a minority stake in its refining assets to Saudi Aramco have hit a roadblock over the valuation and structure of the deal, two people familiar with the matter said.
The proposal in the Budget to increase the Customs duty on polyvinyl chloride (PVC) while reducing those on naphtha and ethylene di-chloride (EDC) is expected to benefit Reliance Industries (RIL), Indian Oil Corporation (IOC) and others in similar business segments.
India’s Reliance Industries is seeking three liquefied natural gas (LNG) cargoes for delivery, with one a month in July, September and October, two industry sources said on Friday.
The proposed deal between oil-to-telecom behemoth Reliance Industries (RIL) and Saudi Aramco for a 25 per cent stake sale in Jamnagar refinery has hit a roadblock. Quoting sources, ETNOW reported this morning that the talks have got stalled over valuation concerns.
The Mukesh Ambani-led Reliance Industries (RIL), which was about half the size of Indian Oil Corporation (IOC) till nearly 11 years ago, has displaced the public sector refiner as the biggest company by revenue.
Reliance Industries Ltd plans to shut a 330,000 bpd crude unit at its India market-focused oil refinery in western Gujarat state for 2-4 weeks for routine maintenance from mid-June, two industry sources with knowledge of the matter said on Friday.
Reliance Industries Saturday said it is not in violation of the US sanctions on Venezuela and had purchased crude originating from the Latin American nation from companies such as Russia’s Rosneft in full knowledge of US authorities.