Reliance Industries gives Detailed Plan to Spin-off O2C Assets

Reliance Industries Ltd (RIL) has released a detailed plan on spinning off its oil-to-chemical (O2C) business into a separate subsidiary on Sunday, according to a report by The Telegraph. It has come up with a detailed scheme of arrangement to transfer the undertaking to the O2C subsidiary through a slump sale, which is likely to … Read more

Reliance Petrochemicals Segment Net Profit Declines on Low Margins

Reliance Industries Ltd., one of the world’s largest petrochemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020. Petrochemicals Segment Q1 Results- QoQ The segment’s net profit declined 25% to Rs 4,430 crores ($592.2 million) for the period ended June 30, 2020 as against net profit of Rs 5,938 … Read more

RIL, Aramco Deal Delayed, RIL to Spin-off O2C Business into Separate Entity

Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Wednesday said the deal to sell 20% stake to Saudi Aramco has not progressed according to the scheduled time due to ongoing pandemic situation.  “Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed according to the original timeline,” RIL … Read more

Reliance-Aramco JV in Progress, says Ambani

Reliance Industries Ltd said it is working to complete contours of a $15 billion deal with Saudi Aramco but did not give a timeline for its completion. In August last year, RIL ‘s Chairman & Managing Director, Mukesh Ambani, announced talks to sell 20% of the oil-to-chemical (O2C) business, which includes its twin oil refineries … Read more

Antidumping Probe will hurt Chemical Imports to India, GPCA warns

Gulf Cooperation Council (GCC) mono ethylene glycol (MEG) imports into India may be severely hurt as a result of an ongoing anti-dumping investigation targeting imports from Oman, Saudi Arabia, Kuwait & UAE, according to the Gulf Petrochemicals and Chemicals Association (GPCA). According to GPCA analysis, the inconsistent investigative practices by Indian authorities on anti-dumping regulations … Read more

Reliance’s Petchem Earnings Fall amid Weak Demand, Board Approves Hiving off O2C Business

Reliance Industries Limited announced fall in petrochemical earnings for full-year 2019-20 due to lower margins and weak demand in the last quarter due to COVID –19 pandemic. Fourth Quarter: 4Q FY20 revenue from the Petrochemicals segment decreased by 24.1% Y-o-Y to Rs 32,206 crore ($4.3 billion) due to lower price realizations along with disruptions in … Read more

Saudi Aramco, Reliance Industries Deal at Risk amid Oil Price Crash – COVID-19

Saudi Aramco’s plan to buy $15-billion stake in Reliance Industries hydrocarbon business may not go through due to the rising risk of collapsing oil prices, US-based brokerage Bernstein has warned. The unique combination of excess crude oil global supply, 30% drop in demand due to coronavirus crisis and continuous price fall weighed heavily on Aramco’s … Read more

Reliance Acquires Stake in Alok Industries

Reliance Industries announced on 29th Feb that it has acquired a controlling stake in textile manufacturer Alok Industries Ltd for Rs 250 crore ($34.3 million). Alongside JM Financial Asset Rehabilitation Co Ltd, Reliance had a bid to buy Alok Industries which had been auctioned by lenders under the insolvency and bankruptcy law to recover their … Read more

Reliance Industries to Expand Dahej Petchem Plant with $700M Investment

Reliance Industries Ltd (RIL) is planning to expand Dahej Manufacturing Division (DMD), a petrochemical and downstream manufacturing unit, with an investment of Rs 5,100 crore ($700 million). “Dahej petrochemical manufacturing facility is proposing to set up the new plants and facilities, which includes manufacturing of Ethylene Dichloride (EDC), CHDM, PET-G, establishing New incinerator in VCM … Read more

RIL, ADNOC in pact to explore setting up Ethylene Dichloride JV

The Abu Dhabi National Oil Company (ADNOC) signed a framework agreement with Reliance Industries to explore development of an Ethylene Dichloride facility in Ruwais. The agreement was signed by Mr. Abdulaziz Alhajri, Executive Director of ADNOC’s Downstream Directorate, and Mr. Nikhil R. Meswani, RIL Executive Director. Under the terms of the agreement, ADNOC and RIL … Read more

Reliance to Invest US$9.75 B to Build Oil-to-Chemicals Complex in India

Reliance Industries has confirmed plans to invest US$9.75 billion – or 700 billion Indian rupees – to build a crude-oil-to-chemicals complex at the company’s Jamnagar, India, site. Commenting, Afsar Hussain, Wood Mackenzie Senior Research Analyst, said: “The project will have a combined capacity to produce 8.5 million tonnes of ethylene and propylene, 3.5 million tonnes … Read more

Saudi Aramco to Acquire 20% Stake in RIL’s O2C Jamnagar Unit

Saudi Aramco signed a letter of intent for a proposed purchase of a 20% stake in the oil-to-chemicals (O2C) business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast. Reliance values its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the … Read more

Saudi Aramco in Talks to Acquire 25% stake in Reliance Refining, Petrochemicals

Saudi Aramco, the world’s largest crude oil producer and refiner, is in serious discussions to acquire up to a 25 percent stake in Reliance Industries’ refining and petrochemicals businesses, as stated in local news report. The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. … Read more