India’s Reliance sets up subsidiary in UAE
India’s Reliance Industries set up a subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum, petrochemical products and agricultural commodities, the company said.
Reliance International Ltd (RINL), the new subsidiary, has not begun operations yet but the parent company that wholly owns it, has invested US $1 million in the new business.
Previously, In June, the company entered into an agreement with Abu Dhabi National Oil Company (ADNOC) for a new chemicals production facility at TA’ZIZ in Ruwais, Abu Dhabi, which is Reliance's first investment in a greenfield overseas project.
Reliance Industries, operates the world's biggest refining complex at Jamnagar in western India. The group has previously stated that they want to become more international.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
Oil Heads for Weekly Drop as Glut Concerns and Dollar Take Toll
Oil Steadies With Surging Dollar and Chinese Demand to the Fore
Oil Steadies Near November Lows With Outlook for Demand in Focus
Oil Holds Biggest Drop in Two Weeks on Demand Concern and Dollar
US Will Stay in Global Climate Fight Despite Trump, Podesta Says
Oil Drops for Second Day With China Outlook and Demand in Focus
Petroperu’s New Board Is Unraveling as Two Directors Quit
Can Brazil Save the Amazon Rainforest? Marina Silva Is Trying
Oil Falls on China Demand Woes Even as Market Remains Rangebound
