Reliance sets up a subsidiary in UAE for trading oil
A fowl flies previous a Reliance Industries brand put in on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Dave/File Picture
MUMBAI, Oct 2 (Reuters) – Reliance Industries mentioned on Saturday it had arrange an entirely owned subsidiary within the United Arab Emirates (UAE) for buying and selling in crude oil, petroleum, petrochemical merchandise and agricultural commodities.
Reliance Worldwide Ltd (RINL), the brand new subsidiary, is but to begin operations, the mum or dad firm mentioned in an trade submitting, including it had invested $1 million within the new enterprise.
In its transient assertion, Reliance Industries, which operates the world’s largest refining advanced at Jamnagar in western India, gave no causes for its choice to arrange the brand new unit and its causes to find it within the UAE, although it’s consistent with it changing into extra worldwide in its focus.
It beforehand purchased stakes in a lot of abroad exploration and manufacturing belongings, and in June it entered an settlement with Abu Dhabi Nationwide Oil Co (ADNOC) to construct a multi-billion greenback chemical mission in Ruwais, marking the group’s first funding in a greenfield abroad mission.
Reliance Industries in June introduced the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan as a director of Reliance’s board and mentioned this was the “starting of the internationalisation of Reliance”. The group hopes to formalise this 12 months a deal to promote a 20% stake in its oil-to-chemical enterprise to Aramco.
Reporting by Nupur Anand; Enhancing by David Holmes
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