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.
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