Reliance Industries separates oil to chemical business, will move to new company | Reliance Industries separates oil to chemical business, will move to new company

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  • Reliance Industries Separates Oil To Chemical Business, Will Move To New Company

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Mumbai37 minutes ago

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In July 2019, Mukesh Ambani said that a separate subsidiary in the process of separation of O2C would be completed by early 2021. Reliance owns two oil refineries in Jamnagar, Gujarat with a combined capacity of 68.2 million tonnes per annum.

  • Company holds 66.6% stake in KG-D6 block
  • Last year, the work of transferring O2C business to a different company started.

Reliance Industries has made a big announcement. It has completed the creation of a separate subsidiary for its Oil to Chemical business. With this, it has separated the chemical business from oil. The company has given this information to the stock exchange.

Saudi Aramco’s deal hangs

Let us know that the Reliance Industries deal with Saudi Aramco has been hanging for a long time. However, according to recent news, this deal is going on and will be completed soon. Under this, the company will sell 20% stake in Reliance. The company says the move will help it pursue growth opportunities with strategic partners. The company’s oil-to-chemical unit includes petrochemical units and a retail fuel business. This excludes oil and gas producing sectors like KG-D6 and textile business.

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Otousi business earnings information was given in quarterly results

Reliance first reported the O2C business earnings in its third quarter results. Previously, refining and petrochemical businesses were reported separately. In the October-December 2020 earnings statement, the refining and petrochemical as well as fuel retailing businesses reported earnings together.

Started segregation last year

Reliance began last year to transfer the O2C business to a separate entity to sell potential stakes to companies such as Saudi Aramco. In July 2019, Ambani said that a separate subsidiary in the process of separating O2C would be completed by early 2021. Reliance owns two oil refineries at Jamnagar in Gujarat with a combined capacity of 68.2 million tonnes per annum.

The company holds a 66.6% stake in the KG-D6 block where it is investing around USD 5 billion in developing a second set of gas discoveries with BP.

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