Reliance creates a subsidiary in the United Arab Emirates for oil trading – News

MUMBAI – Reliance International Ltd, the new subsidiary, has not yet started operations, the parent company said in an exchange dossier, adding that it had invested $ 1 million in the new company



Reliance Industries, which operates the world’s largest refining complex in Jamnagar, western India, has given no reason for its decision to install the new unit and its reasons for installing it in the Arab Emirates. United. – Photo file

By Reuters

Posted: Sat, Oct 2, 2021, 6:31 PM

Reliance Industries announced on Saturday that it has established a wholly-owned subsidiary in the United Arab Emirates (UAE) to trade crude oil, petroleum, petrochemicals and agricultural products.

Reliance International Ltd (RINL), the new subsidiary, has yet to start operations, the parent company said in a swap case, adding that it had invested $ 1 million in the new venture.

In its brief statement, Reliance Industries, which operates the world’s largest refining complex in Jamnagar, western India, gave no reason for its decision to create the new unit and its reasons for l ‘install in the United Arab Emirates, although it complies with it. becoming more international in its orientation.

It previously bought stakes in a number of offshore exploration and manufacturing assets, and in June it struck a deal with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion chemical project. of dollars in Ruwais, marking the group’s first investment in a greenfield project abroad.

Reliance Industries announced in June the appointment of Saudi Aramco chairman Yasir Al Rumayyan as director of the board of directors of Reliance and said it was the “start of the internationalization of Reliance”.

The group hopes to formalize an agreement this year to sell Aramco a 20% stake in its petroleum-chemicals business. – Reuters


Source link

Felix J. Dixon