Reliance Industries on Saturday said it has set up a wholly-owned subsidiary in the United Arab Emirates (UAE) to trade in crude oil, petroleum, petrochemical products and agricultural commodities.
Reliance International Limited (RINL), the new subsidiary, is yet to commence operations, the parent company said in an exchange filing, adding that it had invested $1 million in the new business.
In its brief statement, Reliance Industries, which operates the world’s largest refining complex in Jamnagar in western India, did not give any reasons for its decision to set up the new unit and its reasons for setting it up in the UAE, although it is in line with this. Becoming more international in its focus.
It had previously bought stakes in several overseas exploration and manufacturing assets, and in June it entered into an agreement with Abu Dhabi National Oil Company (ADNOC) to build a multi-billion dollar chemical project in Ruwais, a greenfield group in the region. was his first investment. foreign project.
Reliance Industries in June announced the appointment of Saudi Aramco chairman Yasir Al-Rumaiyan as a director of Reliance’s board, saying it was “the beginning of Reliance’s internationalization”. The group expects to formalize a deal this year to sell a 20 per cent stake in its oil-to-chemical business to Aramco.