Stock Groups

Reliance sets up a subsidiary in UAE for trading oil By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: An Indian bird flew past the Reliance Industries logo, which was placed on its Ahmedabad (India) mart January 16, 2017. REUTERS/Amit Dave/File Photo

MUMBAI (Reuters), Reliance Industries stated on Saturday that it established a UAE subsidiary, which is a 100% owned company, for trade in petroleum, petrochemical products, and agricultural commodities.

Reliance International Ltd., the new subsidiary of the parent, has yet to start operations. According to an exchange filing, Reliance International Ltd. said that the company had also invested $1million in the business.

Reliance Industries operates Jamnagar’s world-famous refining plant in west India. In a brief statement it did not explain why they decided to build the new unit nor the reasons it chose to locate it in UAE. But, this is consistent with its increasing internationalization.

The group previously purchased stakes in several overseas manufacturing and exploration assets. In June, it signed an agreement with Abu Dhabi National Oil Co. (ADNOC), to construct a multibillion-dollar chemical plant in Ruwais. This was the first overseas investment made by the group in greenfield projects.

Reliance Industries, June announcement the appointment Saudi Aramco (SE:) Reliance Chairman Yasir El-Rumayyan, who was appointed a director to the board of Reliance. He stated that it marked “the beginning of internationalisation” for Reliance. It hopes to conclude this year an agreement to sell 20% of the oil-to -chemical division to Aramco.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]