RIL NEWS

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 conglomerate, which is owned by Asia's richest man Mukesh Ambani, reported a net profit of 162.03 billion ($2.1 billion) between January and March, 22.5 percent than the same period last year."

“RIL’s deep-water field gas will come on stream this fiscal. We are planning to bid for the same when it comes for auction,” said the senior executive of a company that plans to participate.

So-called blue hydrogen is made using fossil fuels but captures the carbon dioxide formed during its production, and Reliance sees the conversion as a temporary measures untill the cost of green hydrogen, produced from the electrolysis of water using renewable energy, become competitive.

RIL’s subsidiary Reliance New Energy (RNEL) acquired 10.37% of SWERL on Wednesday at a price of 375 per share.

The company will invest Rs 5 trillion over a span of 10 to 15 years to set up a 100 gigawatts renewable energy power plant.

Because of value concerns, an agreement between Dependence Industries and Saudi Aramco to purchase a stake in the Indian aggregate's oil-to-synthetic chemicals business has been scrapped, according to persons with knowledge of the subject. As the world strives to disassociate itself from petroleum derivatives and reduce emissions, they added, disagreements over the amount Reliances oil-to-synthetics (O2C) business should be valued. According to one of the sources, Reliance will now focus on signing different agreements with organisations to generate claim to fame synthetic substances for higher edges, assuming all other factors are equal. Aramco, the world's largest oil exporter, agreed to a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion in 2019. After two years of dealings, the companies said this week that they would review the agreement. The arrangement's disintegration reflects the changing global energy landscape.

SINGAPORE (ICIS)--Reliance Industries Ltd (RIL) and Saudi Aramco have decided to re-evaluate the energy giant's proposed $15bn investment to acquire a 20% stake in RIL's oil-to-chemicals (O2C) business, the Indian chemicals major said late on Friday. The two companies in August 2019 signed a non-binding letter of intent that proposes that Aramco would acquire the stake in Reliance’s refining, petrochemicals and fuels marketing businesses.

A few days ago, Reliance Industries Limited (RIL) and BP announced the start of production from the R Cluster. It is an ultra-deepwater gas field in block KG D6 off the east coast of India. it is located at a depth of more than 2,000 meters, making R Cluster the deepest offshore gas field in Asia. RIL and BP are developing three deepwater gas projects in block KG D6.

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forced it to slash investment spending. The deal with Reliance would help Aramco to join the ranks of the top oil refiners and chemical makers. Aramco is already a major supplier of crude to India.

Indian downstream giant, Reliance Industries Ltd has registered a 39% drop in its March quarter profit, pushed down by the sharp dip in oil prices and lower fuel demand. RIL posted a consolidated profit of $845 million in the quarter that ended March 31. The Mukesh Ambani-led conglomerate also reported an inventory loss of approximately $565 million. The firm's consolidated revenue from operations slipped 2.3% to $18.3 billion.

Washington on Tuesday imposed sanctions on the trading arm of Russia's Rosneft. This has created a difficult situation for Reliance Industries, a key buyer of Venezuelan oil. The Indian refiner said, "Reliance will continue its direct communications with the US Government to ensure that Reliance's purchases of Venezuelan oil after the RTSA sanctions are both compliant with US sanctions and consistent with US policies regarding Venezuelan oil sector".

US has been constantly pressurizing the Venezuelan government of Nicolas Maduro over ties with other energy companies and vice-versa. From Russia's Rosneft to Chevron and Reliance, everyone has been warned to "tread cautiously". These comments have come in response to the question on about possible sanctions against Rosneft. I would tread cautiously towards their activities in Venezuela that are in support, directly or indirectly, of the Maduro dictatorship because ... we're halfway through our maximum pressure campaign", said US official.

Billionaire Mukesh Ambani-led Reliance Industries has inked a framework agreement with state-run ADNOC to explore development of an Ethylene Dichloride (EDC) facility in Ruwais. RIL will utilize the proposed unit to procure EDC, a key raw material used in the manufacturing of Polyvinyl chloride (PVC). ADNOC would provide Ethylene to the proposed venture and offer access to the infrastructure at Ruwais.

Engineering giant, Worley has secured a Project Management Contract through its wholly owned subsidiary, Intecsea, for the Reliance Deep-Water Gas Project. The contract pertains to RIL’s MJ Field deep-water gas and condensate project. The scope of the contract includes provision of PMC services for the development of subsea gas and condensate resource traced in deep water of roughly 1,000 meters in the MJ Field, offshore India.

Saudi state-run behemoth, Saudi Aramco has agreed to acquire 20% stakes in RIL’s oil refinery and chemical business at an enterprise value of $75 billion. The announcement came directly from RIL Chairman, Mukesh Ambani who was talking at Reliance Industries' 42nd annual general meeting. Saudi Aramco will own a 20% stake in a planned special purpose vehicle (SPV) covering the twin refineries of Reliance apart from RIL's petrochemical complex.

Supermajor, BP has announced its joint venture with Ambani-led Reliance Industries. This venture is intended to expand RIL's fuel retail network to 5,500 over the next five years. 51% of the venture will be held by RIL and rest 49% by BP. "This partnership is a testimony to the strong ties between BP and Reliance", said Ambani. This JV will also involve RIL's aviation fuels business.

Once the highest gas producing fields, KG-D6 block of Reliance Industries are now "a late life stage". The company informed that these fields are "in a late stage and affected by low pressure and water ingress related challenges". However, in order to increase output, Reliance will bring three sets of new discoveries to production in 2020.