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A refining golden age, tightening global gas markets and improving telecom subscriber quality point to a USD 20 billion-plus EBITDA run rate for Reliance Industries Ltd by end-2022, Morgan Stanley
The elite club of energy supermajors saw a new entry on Tuesday, with India’s Reliance Industries making into the world's energy royalty. The Indian conglomerate, owned by billionaire Mukesh Ambani, was valued at $138 billion, eclipsing BP Plc’s $132 billion value, at the close of trading on Tuesday. Reliance has rallied 40% this year, buoyed up by Ambani’s plan to cut the company’s net debt to zero in 18 months.
Total and Reliance Industries might not bid for acquiring India's BPCL. Further, BP wants to explore the offerings before making a decision to decide for bidding. The Indian government has decided to sell 53.29% stakes of oil refining and marketing company BPCL. The firm accounts for 15% of the total installed refining capacity of the nation. Saudi Aramco might alone bid for the stakes or may have another partner, ADNOC.
Reliance Industries of India will resume loading Venezuelan crude in October after a four-month pause. This will help Venezuela's state-run company PDVSA vacate its inventories. The refineries of Reliance are accustomed to the heavy sour crude that Venezuela sells. And this is why the downstream giant has decided to resume the import. According to PDVSA's documents, Reliance will send at least two vessels to Venezuela's Jose port for loading.
Reliance Industries Ltd registered a 7% jump in net profits for the first quarter ending June 30th. The Mukesh Ambani-led conglomerate recorded ₹10,141 crores in net profits, despite frail global macroeconomic situation and perilous hydrocarbon market conditions. While growth in RIL’s revenue came mostly from Digital Services and Retail business, the Refining and Marketing division saw a performance drop due to a considerably lesser product cracks on Y-o-Y basis.
In a regulatory filing, India’s Reliance Industries informed about acquiring 5.56% equity stakes in Vakt Holdings Ltd, UK (VHL). RIL spent USD 5 million to pick up stakes in the technology start-up, which is engaged in the technology space. A consortium of leading global energy majors, commodity traders and banks, VHL’s vision is to digitise the global commodities trading industry, through block chain.
The coal bed methane (CBM) block of India’s Reliance Industries suffered from under production due to operational issues and poor pipeline connectivity. The company’s CBM block of Madhya Pradesh had production shrink of 0.94 mmscmd in July-September from 1 mmscmd in April-June. RIL’s KG-D6 block is also depleting including Focus Energy’s Rajasthan block. Meanwhile, the monthly report of oil ministry states decrement in natural gas output of India by 1%.
The joint CFO of Reliance Industries Ltd (RIL) informed that the company has stopped the crude imports from Iran ahead of US sanctions against the nation’s oil sector. RIL has started increasing its purchase from other suppliers of US and Middle East in order to reduce Venezuelan oil consumption and make up for the loss of Iranian crude.
Sources have revealed that refinery giant, Reliance, forced by the shutdown of its gasoline making unit, has cancelled lifting of vacuum gas oil (VGO) cargo from local refiner Nayara Energy (formerly Essar Oil). Reliance was planning to lift 40,000 tonnes of VGO from Nayara’s Vadinar refinery this month, the sources said. Reliance reportedly announced force majeure on exports of gasoline from its Jamnagar refinery this week.
BP and RIL announced the sanctioning of the second of the three projects- Satellite cluster project- in Block KG D6. A total of about 3 Tcf discovered gas resources with a total investment of $6 billion is expected to develop out of these three projects phased over 2020-2022. Mukesh Ambani, chairman and managing director of RIL expressed his delight on the on-schedule progress of the project.
As the Indian oil-to-telecom consortium, Reliance Industries, moves closer to exit US shale investments, it is all set to sell some of its shale assets in the United States to Sundance Energy for $100 million. This is the second such sale by Reliance in the US after it sold a similar asset block in the Marcellus shale region in northeastern and central Pennsylvania.