Reliance NEWS

India's Reliance Industries Ltd (RELI.NS) on Friday reported a 46.3% jump in June-quarter profit, as robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business.The Mukesh Ambani-led conglomerate said consolidated profit rose to 179.55 billion rupees ($2.25 billion) in the three months ended June 30 compared with 122.73 billion rupees a year earlier.

India's Reliance Industries Ltd (RELI.NS) on Friday reported a 46.3% jump in June-quarter profit, as robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business.The Mukesh Ambani-led conglomerate said consolidated profit rose to 179.55 billion rupees ($2.25 billion) in the three months ended June 30 compared with 122.73 billion rupees a year earlier.

The government recently imposed a windfall tax on all refiners, including SEZ refineries, on the export of diesel, petrol, and air turbine fuel. Besides, it also imposed a cess on domestic crude output. Analysts said the development is a setback for refiners as they cut FY23 estimates steeply. The tax could potentially be used to offset OMC losses on auto fuel, analysts said. The government has raised export duty on diesel by Rs 13 a litre and on petrol by Rs 6 a litre. It has also raised export duty on ATF by Re 1 per litre. The government said Indian exporters would have to sell 50 per cent of petrol in the domestic market on total shipping bill while they have to sell 30 per cent of diesel in domestic market on total shipping bill. In addition, a cess of Rs 23,250 per tonne was imposed on crude produced domestically.

New Delhi: Reliance Industries Ltd and its partner BP Plc of UK have sought bids for sale of 5.5 million standard cubic meters per day of additional natural gas that will be available for sale from their eastern offshore KG-D6 block. The e-auction is slated for April 23 and the gas supply will start from late April or early May, according to the tender document.

New Delhi: Government-dictated price for natural gas produced by companies such as ONGC is likely to inch up marginally to USD 1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below USD 4, sources said. The price of gas, which is used to generate electricity, make fertiliser and convert into CNG for automobiles and cooking gas for households, is due to bi-annual revision next week.

Chevron and Reliance Industries are meeting with U.S. State Department officials reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel.The U.S. imposed sanctions on Petroleos de Venezuela SA in early 2019, in an effort to dislodge President Nicolas Maduro from power by depriving his government of oil revenue.

Anil Ambani-lead Reliance Naval has filed a lawsuit against E&P major, ONGC for wrongfully terminating a deal and invoking bank guarantee. ONGC refused to take the delivery of an eighth vessel under a supply deal of a dozen vessels. Reliance Naval has asked ONGC for a reimbursement of more than $6.6 million, and another $15.46 million as payment for the support vessel.

With ONGC having produced just 1.84 million tonnes of crude oil in May as compared to 1.93 million tonnes the same month, last year, the state-owned oil giant’s output in April-May dunked 4.3% to 3.62 million tonnes. This scheduled a drop in India's oil production to 5.9 million tonnes from 6.03 million tonnes in April-May, last year. However, Reliance and Nayara Energy’s over-performing refineries produced 6.8% more fuel in May.

The hearing in an International Arbitration Tribunal to authenticate Indian government’s $1.55 billion demand from Reliance-BP-Niko Resources for the alleged gas siphoning from ONGC deposits has come to a conclusion. The tribunal is expected to give out a judgment in July. Reliance and its partners are accused of producing 338.332 million Btu of gas that seeped or migrated from ONGC's blocks into their adjoining KG-D6 in the Bay of Bengal.

Reliance Industries Ltd (RIL) is planning to stop its import of Iranian crude from October-November, owing to re-imposition of US sanctions. Although India has said that it does not follow U.S. sanctions but companies like Reliance, which have significant exposure to the financial system of the United States could be liable to penalties if they do not comply. US ordered the re-imposition of sanctions on Tehran earlier this month.