MUMBAI: Reliance Industries announced on Saturday that it has established a wholly-owned subsidiary in the United Arab Emirates (UAE) to trade crude oil, petroleum, petrochemicals and agricultural commodities.
Reliance International Ltd (RINL), the new subsidiary, has yet to start operations, the parent company said in an exchange document, adding that it had invested $ 1 million in the new venture.
In its brief statement, Reliance Industries, which operates the world’s largest refining complex in Jamnagar, western India, gave no reason for its decision to create the new unit and its reasons for l ‘install in the United Arab Emirates, although it complies with it. becoming more international in its orientation.
It previously bought stakes in a number of offshore exploration and manufacturing assets, and in June it struck a deal with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion chemical project. of dollars in Ruwais, marking the group’s first investment in a greenfield project abroad.
Reliance Industries announced in June the appointment of Saudi Aramco chairman Yasir Al-Rumayyan as director of the board of directors of Reliance and said it was “the start of the internationalization of Reliance”. The group hopes to formalize an agreement this year to sell Aramco a 20% stake in its petroleum-chemicals business.
(Reporting by Nupur Anand; Editing by David Holmes)