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Reliance likely to clock $20 bn EBITDA by end 2022: Morgan Stanley
May 9, 2022

Reliance likely to clock $20 bn EBITDA by end 2022: Morgan Stanley

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

"Reliance becomes the first Indian company to rake in $100 bn annual revenue  "
May 7, 2022
Source: Energy World

"Reliance becomes the first Indian company to rake in $100 bn annual revenue "

"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 to auction 12 mmscmd gas from MJ Field
April 25, 2022
Source: Energy World

RIL to auction 12 mmscmd gas from MJ Field

“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.

Ambani’s Reliance seeks to be world’s top blue hydrogen maker
Feb. 14, 2022
Source: Energy World

Ambani’s Reliance seeks to be world’s top blue hydrogen maker

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.

Reliance completes acquisition of 40% stake in Sterling & Wilson Solar
Feb. 11, 2022
Source: Energy World

Reliance completes acquisition of 40% stake in Sterling & Wilson Solar

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

Reliance to invest $80 billion in green energy projects in Gujarat
Jan. 14, 2022
Source: Energy World

Reliance to invest $80 billion in green energy projects in Gujarat

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.

Reliance, Aramco call off $15-billion deal amid valuation differences, sources say
Nov. 26, 2021

Reliance, Aramco call off $15-billion deal amid valuation differences, sources say

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.

India's Reliance re-evaluates 20% stake sale in oil-to-chemicals unit to Aramco
Nov. 22, 2021
Source: I.C.I.S

India's Reliance re-evaluates 20% stake sale in oil-to-chemicals unit to Aramco

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.

RIL and BP working on India's deepwater gas production
Dec. 28, 2020
Source: RT

RIL and BP working on India's deepwater gas production

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.

Aramco is still working on deal to invest $15 bn in RIL
Aug. 10, 2020

Aramco is still working on deal to invest $15 bn in RIL

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.

RIL's first quarter profit down by 39%
May 1, 2020
Source: Reuters

RIL's first quarter profit down by 39%

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.

RIL alarmed after US sanctions on Rosneft
Feb. 20, 2020
Source: Energy Voice

RIL alarmed after US sanctions on Rosneft

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 warns energy companies over their ties with Venezuelan government
Feb. 6, 2020

US warns energy companies over their ties with Venezuelan government

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.

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.

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