India more than doubled its exports of petroleum products to the U.S. last year after Reliance Industries Ltd. started a refinery for exporting, according to tanker data collected by Clarkson Research Services Ltd.
At least 610,000 metric tons of gasoline (about 5.19 million barrels) was shipped to the U.S. from India, using 10 Aframax tankers, Clarkson data showed. India exported 2 million barrels of fuel to the U.S. in 2008, according to the Department of Energy.
Reliance, India’s biggest non-state company, started an export-oriented 580,000-barrel-a-day refinery in December 2008. It’s next to an older plant that can process 660,000 barrels a day. Together, they make up the largest refining complex in the world, according to Reliance.
“Most of India’s exports are from Reliance, which set up the new export-oriented refinery to get tax breaks from the government,” said Seema Desai, a London-based analyst at Eurasia Group. “The government-owned refineries are for the domestic market.”
India’s state-owned refineries, such as Indian Oil Corp., receive government subsidies to sell gasoline in the domestic market below cost, unlike privately owned refiners.
Reliance Exports
About 57 percent of Reliance’s refined output is for exports, Alok Agarwal, Reliance’s chief financial officer, said in an e-mail.
“The decision on the mix between the two depends on where we get better profits and the capacity of the markets to absorb the output,” Agarwal said. “We are today dealing with all the major oil companies of the world to sell our output in Asia, Europe and the U.S.”
The Baltic Clean Tanker Index rose for a third session today, up 2 points to 900 on the London-based Baltic Exchange. Crude oil for March delivery gained 72 cents, or 1 percent, to settle at $75.26 a barrel on the New York Mercantile Exchange.
As a result of rising exports, Reliance became for the first time in 2009 one of the top 10 charterers of Aframax tankers to ship petroleum products, according to a report released by Poten & Partners, a shipbroker.
Hess Corp., the fifth-largest U.S. oil company, chartered a tanker to transport gasoline for Reliance in June, according to Millennium Chartering Pte., a ship brokerage based in Singapore. Hess hired at least five Aframax tankers last year to ship gasoline to the U.S. from India, the Clarkson data showed. Aframaxes can carry 830,000 barrels.
Reliance Exports Rise
Reliance’s exports of refined products increased to 23.6 million metric tons in the nine months ended December, up from 16.2 million metric tons a year ago, the company said Jan. 22.
Domestic sales also increased, to 20.65 million metric tons from 8.01 million a year earlier, according to Bloomberg calculations based on export figures.
Indian exports rose as U.S. and European refineries process less oil because of lower profit margins. said James Williams, an economist at energy research firm WTRG Economics in Arkansas.
Plants in the U.S. ran at 78.4 percent of capacity in the week ended Jan. 15, the lowest level since September 2008, according to the DOE.
Source:http://www.businessweek.com/news/2010-01-25/india-fuel-exports-to-u-s-doubled-in-2009-clarkson-data-show.html
Wednesday, January 27, 2010
Monday, January 25, 2010
Reliance Increases Fuel Sales in India to Meet Rising Demand
Mukesh Ambani led Reliance Industries Ltd., operator of the world’s largest refining complex, increased its share of sales in India to meet growing demand for fuels.
The Mumbai-based energy explorer and refiner sold 20.65 million metric tons of fuels in the South Asian nation in the nine months ended Dec. 31 compared with 8.01 million tons a year earlier, according to Bloomberg calculations based on export figures released by the company today. The numbers were confirmed by a Reliance spokesman, who declined to be identified in line with company policy.
Reliance, which can process 1.24 million barrels of oil a day, increased its share of fuel sales in India as the global recession cut demand for gasoline and diesel in the U.S. and Europe. The company gave up the export-only status of its first refinery in April after completing in December 2008 a 580,000 barrel-a-day refinery that caters to overseas customers.
Domestic sales as a share of output rose to 47 percent in the nine months ended Dec. 31, compared with 33 percent a year earlier, according to data released by the company. Customers include Indian Oil Corp., the largest state-run refiner, which started purchasing diesel and gasoline from Reliance in April.
“Buying fuels from Reliance reduces our costs,” Gyan Chand Daga, marketing director at Indian Oil, said by telephone from Mumbai today. “Demand for fuels is growing and we need to meet that gap.”
India’s oil product sales grew 3.2 percent in November from a year earlier, compared with a 2.7 percent contraction in demand in major industrialized economies, the International Energy Agency said in its latest monthly report.
Retail Outlets
Reliance has reopened more than 600 retail fuel outlets in India, according to today’s statement. The company mothballed its 1,433 gas stations nationwide as crude soared to a record in 2008, unable to compete with state-owned refiners that sold motor fuels below cost.
The revenue loss for state refiners on sales of motor fuels declined after crude fell from a record in July 2008. Indian Oil said in August it lost 2.30 rupees on every liter of diesel sold compared with a shortfall of 13 rupees a liter in September 2008.
The government partly compensates state refiners for selling fuels below cost without extending the benefit to private refiners, including Reliance and Essar Oil Ltd.
Source:http://www.bloomberg.com/apps/news?pid=20601091&sid=auw0zfU5yliU
The Mumbai-based energy explorer and refiner sold 20.65 million metric tons of fuels in the South Asian nation in the nine months ended Dec. 31 compared with 8.01 million tons a year earlier, according to Bloomberg calculations based on export figures released by the company today. The numbers were confirmed by a Reliance spokesman, who declined to be identified in line with company policy.
Reliance, which can process 1.24 million barrels of oil a day, increased its share of fuel sales in India as the global recession cut demand for gasoline and diesel in the U.S. and Europe. The company gave up the export-only status of its first refinery in April after completing in December 2008 a 580,000 barrel-a-day refinery that caters to overseas customers.
Domestic sales as a share of output rose to 47 percent in the nine months ended Dec. 31, compared with 33 percent a year earlier, according to data released by the company. Customers include Indian Oil Corp., the largest state-run refiner, which started purchasing diesel and gasoline from Reliance in April.
“Buying fuels from Reliance reduces our costs,” Gyan Chand Daga, marketing director at Indian Oil, said by telephone from Mumbai today. “Demand for fuels is growing and we need to meet that gap.”
India’s oil product sales grew 3.2 percent in November from a year earlier, compared with a 2.7 percent contraction in demand in major industrialized economies, the International Energy Agency said in its latest monthly report.
Retail Outlets
Reliance has reopened more than 600 retail fuel outlets in India, according to today’s statement. The company mothballed its 1,433 gas stations nationwide as crude soared to a record in 2008, unable to compete with state-owned refiners that sold motor fuels below cost.
The revenue loss for state refiners on sales of motor fuels declined after crude fell from a record in July 2008. Indian Oil said in August it lost 2.30 rupees on every liter of diesel sold compared with a shortfall of 13 rupees a liter in September 2008.
The government partly compensates state refiners for selling fuels below cost without extending the benefit to private refiners, including Reliance and Essar Oil Ltd.
Source:http://www.bloomberg.com/apps/news?pid=20601091&sid=auw0zfU5yliU
Reliance becomes first Indian company to produce Euro IV compliant diesel
Unlike 2005, when the country’s private refiners were late in producing Euro-III compliant fuel, this time the private sector has taken a lead, with Reliance Industries Ltd (RIL) controlled by Shri.Mukesh Ambani becoming the first Indian refinery to produce Euro-IV compliant diesel.
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL’s refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd (HPCL) on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
Sources said RIL was also gearing up to produce the higher grade of petrol. With the private refiner now ready to produce the higher grade, it will be easier for oil marketing companies to ensure the availability of Euro-IV diesel at the retail outlets of all 13 major cities of India by April 1, the target date.
An RIL spokesperson confirmed the sale of diesel. He did not give details on total production, citing trade confidentiality reasons.
Indian Oil Corporation, the biggest oil marketer, and Bharat Petroleum Corporation Ltd have recently floated tenders to import 120,000 tonnes and 60,000 tonnes of Euro-IV diesel, respectively.
Government policy calls for petrol and diesel meeting Euro-IV standards are to be supplied in 13 cities, including Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmadabad, from April 1. Euro-III grade fuel is to be supplied across the rest of the country from the same day. The former deadline will be met. Sales of Euro-III will begin in a phased manner between April 1 and October 1.
Source:http://www.business-standard.com/india/news/ril-refinery-first-to-produce-euro-iv-auto-fuel/383580/
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL’s refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd (HPCL) on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
Sources said RIL was also gearing up to produce the higher grade of petrol. With the private refiner now ready to produce the higher grade, it will be easier for oil marketing companies to ensure the availability of Euro-IV diesel at the retail outlets of all 13 major cities of India by April 1, the target date.
An RIL spokesperson confirmed the sale of diesel. He did not give details on total production, citing trade confidentiality reasons.
Indian Oil Corporation, the biggest oil marketer, and Bharat Petroleum Corporation Ltd have recently floated tenders to import 120,000 tonnes and 60,000 tonnes of Euro-IV diesel, respectively.
Government policy calls for petrol and diesel meeting Euro-IV standards are to be supplied in 13 cities, including Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmadabad, from April 1. Euro-III grade fuel is to be supplied across the rest of the country from the same day. The former deadline will be met. Sales of Euro-III will begin in a phased manner between April 1 and October 1.
Source:http://www.business-standard.com/india/news/ril-refinery-first-to-produce-euro-iv-auto-fuel/383580/
PTL Solar launches Dubai Reliance Solar dealership
Dr. Farooq Abdullah, Minister for New and Renewable Energy, Government of India, inaugurated the first exclusive international Reliance Showroom at the Dubai Creek Towers in Deira. Rabindra Satpathy, President of Reliance Solar Group was also at inauguration ceremony and informed that PTL solar is appointed as exclusive distributors for the Middle East and Africa region for Reliance Solar Group which is a part of Reliance Industries Ltd.
PTL Solar, experts in solar street lighting solutions and part of Green Energy, has become the exclusive distributor in the Middle East and Africa for Reliance Solar Group, part of Reliance Industries, one of India’s largest private sector enterprises. PTL Solar is highly commended and appreciated at the Power Generation and Water Solutions Middle East Awards 2009 for ”ENERGY EFFICIENCY” AND “POWER GENERATION AND WATER SOLUTIONS INNOVATION OF THE YEAR AWARD 2009“:. The company is also expert in solar street lighting solutions and part of Green Energy LLC.
Business partners, suppliers, and customers of PTL Solar, as well as a few members of a delegation from the Confederation of Indian Industry (CII) also attended the event. Prabissh Thomas, Managing Director of PTL Solar, briefed guests about the offerings of the showroom and the details of the distributorship agreement with Reliance Solar Group.
Reliance Solar Group specialises in solutions ranging from solar lanterns, home lighting and street lighting to water purification, refrigeration and solar air conditioners — all based on solar energy.
As part of its campaign to transform the existing lighting system into solar-based applications, PTL Solar has supplied its solar energy outdoor lighting units GRENlite to Dubai Electricity and Water Authority (DEWA) as well as Tecom Investments’ Dubai Outsource Zone and Dubai Internet City.
In addition, the company has installed solar car park lights for Nakheel in the Waterfront project, as well as illuminated the first automotive factory in the UAE for heavy vehicles assembled by Scania.
PTL Solar, experts in solar street lighting solutions and part of Green Energy, has become the exclusive distributor in the Middle East and Africa for Reliance Solar Group, part of Reliance Industries, one of India’s largest private sector enterprises. PTL Solar is highly commended and appreciated at the Power Generation and Water Solutions Middle East Awards 2009 for ”ENERGY EFFICIENCY” AND “POWER GENERATION AND WATER SOLUTIONS INNOVATION OF THE YEAR AWARD 2009“:. The company is also expert in solar street lighting solutions and part of Green Energy LLC.
Business partners, suppliers, and customers of PTL Solar, as well as a few members of a delegation from the Confederation of Indian Industry (CII) also attended the event. Prabissh Thomas, Managing Director of PTL Solar, briefed guests about the offerings of the showroom and the details of the distributorship agreement with Reliance Solar Group.
Reliance Solar Group specialises in solutions ranging from solar lanterns, home lighting and street lighting to water purification, refrigeration and solar air conditioners — all based on solar energy.
As part of its campaign to transform the existing lighting system into solar-based applications, PTL Solar has supplied its solar energy outdoor lighting units GRENlite to Dubai Electricity and Water Authority (DEWA) as well as Tecom Investments’ Dubai Outsource Zone and Dubai Internet City.
In addition, the company has installed solar car park lights for Nakheel in the Waterfront project, as well as illuminated the first automotive factory in the UAE for heavy vehicles assembled by Scania.
Thursday, January 21, 2010
Celebrate this Republic day with Reliance Retail - Bachat Badi Faayda Bada
As part of the Republic Day Celebrations, all stores in the Reliance Value Format comprising, Reliance Fresh Reliance Super, Reliance Supervalue & Reliance Mart will be hosting a Mega Campaign dubbed as Bachat Badi Faayda Bada, to reach out to our consumers who shop in our stores.
The Mega Consumer Promotion begins on 20th January and ends on 31st. January 2010.
All Categories will be participating in this Mega Promotion with the exceptions of MFT, Fine Jewellery, Tobacco and BWS.
Consumer Promotion Mechanics: Any customer shopping for Rs.100 at any store of Reliance Fresh, Reliance Super, Reliance Mart or Reliance Super Value will get a chance to participate in the contest and she will have an opportunity to win the Mega prize worth Rs 1 Lac each zone [x 6 zones pan India].
Prize:
- Samsung LCD 40BS30
- Onkyo Home Theatre System
All the Customer need to do is spend Rs 100 and answer a simple question - Reliance is the PERFECT INDIAN store because....
The Consumer will complete the statement and fill in details viz. Name, Mobile no. and email address. He/ she then will have to fold the Tag once and drop it into the special drop box in our stores.
Reliance Digital is running the "Rs. 26 Buy-a-dream Offer" from January 23rd - January 31st 2010 at all its stores across India.
About Reliance Digital's "Rs. 26 Buy-a-dream Offer":
Reliance Digital in its endeavour to bring the best products to its customers, this republic day offers a unique opportunity to each and every customer to buy their dreams. Reliance Digital invites customers to visit any of its stores in India with just Rs. 26/- and take home LCDs, Mobile Phones, Consumer Durables and a host of Home Appliances from a range of brands. The customer for his favourite dream buy has to just pay a downpayment of Rs. 26/- and avail extremely attractive EMI offers from Reliance Digital to take their dream purchases home
Reliance Trends, the Apparel and Accessories specialty store from Reliance Retail celebrates Republic Day at its outlets across the country with a special Republic Day offer. This offer is valid between Jan 22nd to 26th at all Trends stores across India. On purchase bill of Rs. 1950/, customers get clothes worth Rs. 1950/ FREE!
Notes to Editor
About Reliance Retail Limited
Reliance Retail Limited (RRL), a subsidiary of Reliance Industries Limited opened its first retail store in November 2006 and today operates more than 1,000 stores in over 86 cities, spanning 14 states with over 4.2 million sq ft of trading space. RRL is a multi-format retailer that operates Reliance Fresh - a neighborhood store concept, Reliance Digital - a consumer durables and information technology concept, Reliance Mart - a hyper market concept, Reliance Trends - an apparel specialty concept, Reliance Wellness - a health, wellness & beauty concept , iStore by Reliance Digital- an Apple specialty store concept, Reliance Footprint -a footwear concept, Reliance Jewels - a jewellery concept, Reliance Time-Out- a books, music & entertainment concept, Reliance Super- a Minimart concept, Reliance Living Homeware - a household utilities specialty store concept, Reliance Living Furnishings-a specialty store concept for home furnishings, Reliance Living Furniture-a home office furniture specialty concept, Reliance Home Kitchen- a kitchen's solution specialty store concept, Reliance AutoZone - an automotive specialty concept and Vision Express-an optical specialty store concept.
Reliance Industries Limited
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of Rs. 1, 46,328 crore (US$ 28.85 billion), cash profit of Rs 22,365 crore (US$ 4.41 billion), net profit (excluding exceptional income) of Rs. 15,637 crore (US$ 3.02 billion) and net worth of Rs 126,373 crore (US$ 24.92 billion) as of March 31, 2009.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 117th amongst the world's Top 200 companies in terms of profits. RIL ranks 75th in the Financial Times FT Global 500 list of the world's largest companies. RIL is rated as the 15th 'Most Innovative Company' in the World in a survey conducted by the US financial publication-Business Week in collaboration with the Boston Consulting Group.
Source:http://reliance-news.blogspot.com/2010/01/reliance-retail-celebrates-republic-day.html
The Mega Consumer Promotion begins on 20th January and ends on 31st. January 2010.
All Categories will be participating in this Mega Promotion with the exceptions of MFT, Fine Jewellery, Tobacco and BWS.
Consumer Promotion Mechanics: Any customer shopping for Rs.100 at any store of Reliance Fresh, Reliance Super, Reliance Mart or Reliance Super Value will get a chance to participate in the contest and she will have an opportunity to win the Mega prize worth Rs 1 Lac each zone [x 6 zones pan India].
Prize:
- Samsung LCD 40BS30
- Onkyo Home Theatre System
All the Customer need to do is spend Rs 100 and answer a simple question - Reliance is the PERFECT INDIAN store because....
The Consumer will complete the statement and fill in details viz. Name, Mobile no. and email address. He/ she then will have to fold the Tag once and drop it into the special drop box in our stores.
Reliance Digital is running the "Rs. 26 Buy-a-dream Offer" from January 23rd - January 31st 2010 at all its stores across India.
About Reliance Digital's "Rs. 26 Buy-a-dream Offer":
Reliance Digital in its endeavour to bring the best products to its customers, this republic day offers a unique opportunity to each and every customer to buy their dreams. Reliance Digital invites customers to visit any of its stores in India with just Rs. 26/- and take home LCDs, Mobile Phones, Consumer Durables and a host of Home Appliances from a range of brands. The customer for his favourite dream buy has to just pay a downpayment of Rs. 26/- and avail extremely attractive EMI offers from Reliance Digital to take their dream purchases home
Reliance Trends, the Apparel and Accessories specialty store from Reliance Retail celebrates Republic Day at its outlets across the country with a special Republic Day offer. This offer is valid between Jan 22nd to 26th at all Trends stores across India. On purchase bill of Rs. 1950/, customers get clothes worth Rs. 1950/ FREE!
Notes to Editor
About Reliance Retail Limited
Reliance Retail Limited (RRL), a subsidiary of Reliance Industries Limited opened its first retail store in November 2006 and today operates more than 1,000 stores in over 86 cities, spanning 14 states with over 4.2 million sq ft of trading space. RRL is a multi-format retailer that operates Reliance Fresh - a neighborhood store concept, Reliance Digital - a consumer durables and information technology concept, Reliance Mart - a hyper market concept, Reliance Trends - an apparel specialty concept, Reliance Wellness - a health, wellness & beauty concept , iStore by Reliance Digital- an Apple specialty store concept, Reliance Footprint -a footwear concept, Reliance Jewels - a jewellery concept, Reliance Time-Out- a books, music & entertainment concept, Reliance Super- a Minimart concept, Reliance Living Homeware - a household utilities specialty store concept, Reliance Living Furnishings-a specialty store concept for home furnishings, Reliance Living Furniture-a home office furniture specialty concept, Reliance Home Kitchen- a kitchen's solution specialty store concept, Reliance AutoZone - an automotive specialty concept and Vision Express-an optical specialty store concept.
Reliance Industries Limited
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of Rs. 1, 46,328 crore (US$ 28.85 billion), cash profit of Rs 22,365 crore (US$ 4.41 billion), net profit (excluding exceptional income) of Rs. 15,637 crore (US$ 3.02 billion) and net worth of Rs 126,373 crore (US$ 24.92 billion) as of March 31, 2009.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 117th amongst the world's Top 200 companies in terms of profits. RIL ranks 75th in the Financial Times FT Global 500 list of the world's largest companies. RIL is rated as the 15th 'Most Innovative Company' in the World in a survey conducted by the US financial publication-Business Week in collaboration with the Boston Consulting Group.
Source:http://reliance-news.blogspot.com/2010/01/reliance-retail-celebrates-republic-day.html
Friday, January 15, 2010
Reliance gas helps save Rs 4760 cr in fertilizer subsidy
Reliance Industries' eastern offshore KG-D6 gas has helped fertilizer companies under the guidance of Shri.Mukesh Ambani, CMD Reliance Industries, to bring down cost of urea production by 18 per cent and has helped save about Rs 4,760 crore in fertilizer subsidy.
According to the Fertilizer Industry Coordination Committee (FICC), the average provisional cost for urea production in 2009 has come down from Rs 13,509 per tonne to Rs 11,084 per tonne after KG-D6 gas replaced costlier alternative fuels like naphtha.
FICC informed Fertilizer Ministry that the energy cost has reduced as a result of use of RIL gas replacing costlier alternative, sources said.
Reliance is currently producing about 55 million standard cubic meters per day of gas from its Krishna Godavari basin fields. Of this over 13 mmscmd is currently being supplied to 15 units producing about 19.7 million tonnes a year of urea.
The company has achieved peak production rate of 80 mmscmd but had to scale back the output as its government-nominated customers were not drawing their allocated quota of gas.
According to the Fertilizer Industry Coordination Committee (FICC), the average provisional cost for urea production in 2009 has come down from Rs 13,509 per tonne to Rs 11,084 per tonne after KG-D6 gas replaced costlier alternative fuels like naphtha.
FICC informed Fertilizer Ministry that the energy cost has reduced as a result of use of RIL gas replacing costlier alternative, sources said.
Reliance is currently producing about 55 million standard cubic meters per day of gas from its Krishna Godavari basin fields. Of this over 13 mmscmd is currently being supplied to 15 units producing about 19.7 million tonnes a year of urea.
The company has achieved peak production rate of 80 mmscmd but had to scale back the output as its government-nominated customers were not drawing their allocated quota of gas.
Wednesday, January 13, 2010
Reliance, all set for LyonDellBasell, raises $ 2 bn
Mukesh Ambani led Reliance Group on Monday sold shares to mop up $764 million, the third sale in four months that has created a war chest of over $2 billion for its bid to acquire the bankrupt petrochemical firm LyondellBasell.
In a block deal, Reliance sold as many as 3.3 crore treasury stocks at Rs. 1,050 a piece, a discount of nearly five per cent to Friday’s closing, and raised Rs. 3,465 crore ($764 million).
This followed the 2.59 crore treasury stocks it sold last Monday fetching Rs. 2,675 crore. Last September too, Reliance had sold 1.5 crore shares raising Rs. 3,188 crore.
These three sales have resulted in the Mukesh Ambani-led company raising over Rs. 9,300 crore ($2.5 billion) in cash.
RIL, last week, had raised its bid to acquire LyondellBasell to $13.5 billion from the initial $12 billion offered in November.
Credit rating agency Moody’s said following today’s sale, the company has a cash balance of around $4.5 billion and treasury shares worth about $6.5 billion.
“The company is effectively building up a war chest to fund the expansion opportunities. Moody’s thus expects RIL to progressively use its increased financial flexibility for acquisitions, rather than use the proceeds of the share sale to pay down debt,” Moody’s lead analyst Ivan Palacios said.
The rating agency also did not see any immediate impact on the company’s ratings and stable outlook.
Source:http://beta.thehindu.com/business/companies/article79054.ece
In a block deal, Reliance sold as many as 3.3 crore treasury stocks at Rs. 1,050 a piece, a discount of nearly five per cent to Friday’s closing, and raised Rs. 3,465 crore ($764 million).
This followed the 2.59 crore treasury stocks it sold last Monday fetching Rs. 2,675 crore. Last September too, Reliance had sold 1.5 crore shares raising Rs. 3,188 crore.
These three sales have resulted in the Mukesh Ambani-led company raising over Rs. 9,300 crore ($2.5 billion) in cash.
RIL, last week, had raised its bid to acquire LyondellBasell to $13.5 billion from the initial $12 billion offered in November.
Credit rating agency Moody’s said following today’s sale, the company has a cash balance of around $4.5 billion and treasury shares worth about $6.5 billion.
“The company is effectively building up a war chest to fund the expansion opportunities. Moody’s thus expects RIL to progressively use its increased financial flexibility for acquisitions, rather than use the proceeds of the share sale to pay down debt,” Moody’s lead analyst Ivan Palacios said.
The rating agency also did not see any immediate impact on the company’s ratings and stable outlook.
Source:http://beta.thehindu.com/business/companies/article79054.ece
Thursday, January 7, 2010
Reliance to drill six new wells in KG
Reliance Industries intends to drill six additional exploration/appraisal wells in the KG-D6 block in 2010. It has proposed to invest $1.5 billion (approx Rs 6,975 crore) more in the proposed block in developing satellite gas finds.
"Six additional exploration/appraisal wells will be drilled this year," said Niko Resources, the
junior partner in RIL-operated KG-D6 block.
RIL has till date made 19 discoveries-- 18 gas and one oil--in deep-sea block KG-DWN-98/3 or KG-D6. Of these, it developed Dhirubhai-1 and 3 gas fields in the first phase at an investment of USD 8.836 billion.
It has now proposed to invest another USD 1.5 billion in bringing to production four satellite finds in the block.
Dhirubhai-1 and 3 fields, which began gas production in April last year, hold 10.03 Tcf of reserves and are currently producing about 60 million standard cubic meters per day. The peak output of 80 mmscmd likely this year, would double gas availability in the country.
The Mumbai-based firm had in July 2008 proposed to develop 9 discoveries adjoining these two giants at a cost of USD 5.91 billion. But after more techno-commercial viability studies, it decided to narrow down to four finds that can be put to production in next 4-5 years.
RIL has already submitted a field development plan to the Directorate General of Hydrocarbons for the four discoveries that it estimates hold 0.6 tcf of recoverable reserves.
Reliance Group holds 90 per cent interest in the block and the remaining 10 per cent is with its other partner Niko Resources.
Source:http://www.thehindubusinessline.com/blnus/02061932.htm
"Six additional exploration/appraisal wells will be drilled this year," said Niko Resources, the
junior partner in RIL-operated KG-D6 block.
RIL has till date made 19 discoveries-- 18 gas and one oil--in deep-sea block KG-DWN-98/3 or KG-D6. Of these, it developed Dhirubhai-1 and 3 gas fields in the first phase at an investment of USD 8.836 billion.
It has now proposed to invest another USD 1.5 billion in bringing to production four satellite finds in the block.
Dhirubhai-1 and 3 fields, which began gas production in April last year, hold 10.03 Tcf of reserves and are currently producing about 60 million standard cubic meters per day. The peak output of 80 mmscmd likely this year, would double gas availability in the country.
The Mumbai-based firm had in July 2008 proposed to develop 9 discoveries adjoining these two giants at a cost of USD 5.91 billion. But after more techno-commercial viability studies, it decided to narrow down to four finds that can be put to production in next 4-5 years.
RIL has already submitted a field development plan to the Directorate General of Hydrocarbons for the four discoveries that it estimates hold 0.6 tcf of recoverable reserves.
Reliance Group holds 90 per cent interest in the block and the remaining 10 per cent is with its other partner Niko Resources.
Source:http://www.thehindubusinessline.com/blnus/02061932.htm
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