Oil & Gas Industry Reliance Books Record Exports
With turnovers of US $ 47.5 billion during the period April–December 2011, Indian oil company Reliance Industries was able to book record export sales of US $ 29.5 billion, recent figures show. Now the company plans a 50:50 joint–venture with BP...
Mumbai/India – Indian oil company Reliance Industries (RIL) increased its exports during the past nine–month period by 55.2 percent to a total value of US $ 29.5 billion, recent figures indicate. Good sales on the export markets and a refining margin of US $ 6.8 per barrel during the last quarter of 2011 (US $ 9.0/bbl for the nine months period), more than the margins of European refiners, helped to increase profit before tax by 9.4 percent, RIL stated.
Currently, the company announced the incorporation of India Gas Solutions, a 50:50 joint venture with British oil–multi BP. India Gas Solutions shall focus on global sourcing and marketing of natural gas and the development of infrastructure to accelerate transportation and marketing of natural gas within the country. The joint venture will be equally founded from RIL and BP, speakers announced.