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Enter new energy supermajor: Reliance Industries
Nov. 21, 2019

Enter new energy supermajor: Reliance Industries

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.

Different takes of oil companies on BPCL's privatisation
Oct. 15, 2019

Different takes of oil companies on BPCL's privatisation

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 to resume Venezuelan oil loadings
Oct. 10, 2019

Reliance to resume Venezuelan oil loadings

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.

RIL records 7% rise in first quarter profits
July 20, 2019

RIL records 7% rise in first quarter profits

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.

Reliance acquires stakes in tech start-up
Dec. 24, 2018

Reliance acquires stakes in tech start-up

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.

Reliance India's CBM block in MP contracts
Nov. 28, 2018

Reliance India's CBM block in MP contracts

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%.

RIL will not import Iranian crude
Oct. 18, 2018

RIL will not import Iranian crude

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.

Reliance cancels VGO cargo buy
Aug. 17, 2018
Source: Reuters

Reliance cancels VGO cargo buy

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.

India-BP and Reliance announced sanctioning of Satellite Cluster project in KG D6
April 23, 2018
Source: World Oil

India-BP and Reliance announced sanctioning of Satellite Cluster project in KG D6

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.

Texas Shale assets sold for USD 100mn by Reliance India
March 29, 2018

Texas Shale assets sold for USD 100mn by Reliance India

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.

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