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RIL and ADNOC to explore development of EDC facility
Dec. 11, 2019

RIL and ADNOC to explore development of EDC facility

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.

Worley secures work on Reliance Deep-Water Gas Project
Aug. 20, 2019

Worley secures work on Reliance Deep-Water Gas Project

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.

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz
Aug. 13, 2019

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz

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.

RIL and BP to form a JV
Aug. 7, 2019

RIL and BP to form a JV

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.

RIL's flagship natural gas fields in late life stage
July 22, 2019

RIL's flagship natural gas fields in late life stage

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.

RIL and BP to invest $5 bn on three gas projects
July 18, 2019

RIL and BP to invest $5 bn on three gas projects

BP's Chief Executive has informed that both RIL and BP will be together investing $5 billion on three gas development projects. These projects are located in the Krishna-Godavari (KG) basin. “Strong relationship between BP and reliance is another great example of what can be achieved by working together at scale", said Looney. Under the latest OALP, the companies have also won an ultra deep-water offshore block in the KG basin.

BP joins RIL to develop third gas project in India
June 12, 2019

BP joins RIL to develop third gas project in India

Energy major BP along with Reliance Industries Ltd. will develop their deepwater gas field project in India. In the last two years, both the companies have sanctioned development of two other projects. All three projects are expected to require an investment of approximately 350 billion Indian rupees. The development of about 3 trillion cubic feet of discovered gas resources is expected from the projects.

RIL denies comments on stake sale talks with Aramco
April 18, 2019

RIL denies comments on stake sale talks with Aramco

India's Reliance Industries has denied commenting on the reports of its ongoing talks with energy supermajor Saudi Aramco. According to the sources, the company might sell its 25% stakes in refining and petrochemical business to Aramco. It is being believed that the energy giant Aramco was first to show interest in Reliance about four months ago. RIL said, “Our company evaluates various opportunities on an ongoing basis”.

RIL and Shell might exit from Panna-Mukta
April 15, 2019

RIL and Shell might exit from Panna-Mukta

According to the sources, India's Reliance Industries Limited and Royal Dutch Shell are planning to exit the Panna-Mukta oilfields. Their contract with the government will expire this year. Currently, both the companies hold 30% participating interest in the field and another 40% is owned by the state-run ONGC. After the two companies will leave the field, the task of managing these depleting fields will go to ONGC.

Reliance stops diluent supply to Venezuela
March 14, 2019

Reliance stops diluent supply to Venezuela

Indian oil firm, Reliance Industries yesterday said that it has paused diluents supply to Venezuelan state-run firm, PDVSA until sanctions are lifted. Reliance supplied diluents to crisis-struck Venezuela from its Houston-based subsidiary. The Indian conglomerate has also not increased oil purchases from Venezuela. Ship tracking data acquired by Reuters indicated a drop in Reliance’s purchase from Venezuela below 300,000 bpd in 2018 and in January 2019.

GPFG’s green shift to affect Indian oil firms
March 13, 2019
Source: Livemint

GPFG’s green shift to affect Indian oil firms

Norway’s Government Pension Fund Global (GPFG) recent decision to pull off investment in global oil and gas exploration firms is expected to affect India’s oil and gas sector as well. The world’s largest sovereign wealth fund has so far made $7.39 billion-investment in Indian firms, out of which RIL ($485.19 million), ONGC ($108.74 million), Indian Oil ($61.6 million) and Oil India ($2.03 million) are some of the big names.

Niko slams RIL and BP with arbitration notice
Jan. 18, 2019

Niko slams RIL and BP with arbitration notice

Canada-based Niko Resources has served an arbitration notice to its partners in India’s KG-D6 block, RIL and BP plc. According to an earnings statement from RIL, Niko Resources, which holds 10% stakes in the KG-D6 block, had defaulted on cash calls during the October-December quarter. As Niko failed to cure the default, a default notice was triggered and the Canadian oil and gas firm was asked to exit the block.

PDVSA begins paying to OVL
Dec. 6, 2018

PDVSA begins paying to OVL

ONGC Videsh Ltd (OVL) has received payment from PDVSA towards their $449 million of outstanding dues. The payment of USD 32 million came through Reliance Industries which bought Venezuelan crude oil last month. $449 million of accrued dividends from the San Cristobal field in Venezuela was due to OVL for four years. OVL owns 40% stakes in the field.

Official probe discovers RIL defied auction policy
Nov. 21, 2018

Official probe discovers RIL defied auction policy

An official probe has found Reliance Industries’ sale of its entire CBM output to itself in violation of contractual terms and state policy on CBM. The probe finding can force Reliance to terminate the gas-sales deal and re-auction further produce. Billionaire Mukesh Ambani-owned RIL commenced production of CBM at Madhya Pradesh mines in 2017.

World’s largest refinery complex plans for expansion
Nov. 20, 2018

World’s largest refinery complex plans for expansion

If sources were to be believed, RIL head, Mukesh Ambani is mulling plans of boosting the capacity of the world’s largest refinery complex in Jamnagar. If the proposition goes through, Jamnagar refinery will see an addition of new plant with crude processing capacity of 30 million tpa. RIL is fortifying its place in India where energy demand, according to IEA, is expected to more than double by 2040.

PM Modi to meet with top oil giants
Oct. 15, 2018

PM Modi to meet with top oil giants

Top oil majors from around the world will meet India’s Prime Minister today to talk about investment opportunities in the country. Executives from firms like BP, Shell, Exxon, Saudi Aramco, will also provide suggestions to the Government on how to cope with the current situation, and introducing better policy reforms to attract foreign investments. RIL’s chairman Mukesh Ambani and Saudi’s oil minister will be attending the meeting as well.

RIL shuts its only oilfield in KG-D6
Sept. 22, 2018

RIL shuts its only oilfield in KG-D6

In a regulatory filing, RIL yesterday informed that the firm has shut down its only oilfield in KG-D6 block, due to null production. The D26 or MA oilfield began production in September 2008. RIL was operating the oilfield in a joint venture with BP and NIKO. In the first quarter of FY19, MA field’s contribution was less than 0.1% in terms of revenue at RIL consolidated level.

RIL and others cleared in ONGC row
Aug. 2, 2018

RIL and others cleared in ONGC row

An International arbitration panel has rejected Indian government’s argument of unjust enrichment in the gas siphoning case. The information came from a filing to stock exchange by Reliance Industries. The panel said that the consortium of RIL, BP and Niko Resources was entitled to produce all gas from its contract area. The arbitration tribunal also directed the Government of India to pay $8.3m to the consortium as cost of arbitration.

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