Last week, RIL and urea companies failed to settle the key terms of gas supply from April 1 upon expiry of the five-year contracts that priced gas from the eastern offshore KG-D6 fields at $4.205 per million British thermal units.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
Reliance Industries has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of $8.3 coming into effect from next month.
After a stint in Crisil as chairman, Mohan joined the Mukesh Ambani-led company as executive director in August this year, RIL spokesperson said.
Reliance Industries' plans to raise $500 million from overseas markets may suffer a setback after the government decided to "discourage" all external commercial borrowings above $100 million.
According to RIL's announcement for the first quarter ended June 30, the KG-D6 field produced 33.1% less gas in the quarter.
The rating agency was hopeful that RIL would sort out technical problems being faced at its flagship eastern offshore KG-D6 fields where output has almost halved in past two years.
With the company fighting a battle with then petroleum minister Jaipal Reddy and an aggressive Comptroller and Auditor General, seeking answers for investments made in the KG-D6 gas fields, its share price fell below Rs 700 in the middle of 2012.
The SC bench headed by judge S S Nijjar suggested to appoint foreign arbitrator in RIL'a ongoing case on gas pricing.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
Global rating agency Standard & Poor's said the government's decision to increase domestic gas prices is likely to benefit two major gas producers Oil and Natural Gas Corp (ONGC) and Reliance Industries Ltd (RIL).
The company seeks appointment of independent international experts to verify its claims.
RIL, according to Goldman, offers the best downstream exposure in the Asian oil sector with its high quality asset base, diversified product portfolio, efficient management of inventory valuation swings and ability to fund large organic expansionary capex without taking on debt.
Equity indices chalked up losses for the second straight session on Monday, in tandem with a bearish trend overseas as ratcheting up of hostilities in Ukraine and prospects of further rate hikes by the US Fed soured global risk sentiment. The rupee slipping to another all-time low against the US dollar amid foreign fund outflows added to the gloom, traders said. After tumbling over 800 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 200.18 points or 0.34 per cent lower at 57,991.11.
Agrees with RIL's stand that CAG cannot do a performance audit of the company.
While the quantum of investment could not be ascertained immediately, RIL said that a wholly-owned subsidiary would provide 'growth capital' for the new cargo airline.
Reliance Industries has informed oil regulator DGH that four smaller gas finds surrounding the D-1 and D-3 fields in the Krishna-Godavari basin can be commercially exploited.
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
Reliance Industries Chairman and MD Mukesh Ambani, in an address to RIL's shareholders, said RIL would continue to follow its successful strategy and focus on improving its portfolio, increasing efficiency, product innovation and expanding its businesses in order to get closer to key markets.
The tussle between Mukesh Ambani-led Reliance Industries and his brother Anil's Reliance Natural Resources over gas supply came to the fore in Bombay High Court on Thursday with RIL alleging that RNRL wanted to trade the fuel.
At $4.64 per mBtu, KG gas is alleged to be over-priced.
RIL president and CEO (Oil and Gas) PMS Prasad, who met petroleum ministry officials to discuss under capacity production from the company's KG basin fields, said: "We have time till July 15 to decide. . . we are still evaluating our options."
Likely to drill three additional exploration wells in the block before the end of 2010.
Reliance Industries Ltd (RIL), in its efforts to gain control over LyondellBasell, is looking to team up with the unsecured creditors and bond holders of the bankrupt Dutch petrochemicals giant.
Reliance Industires made its presence felt early today following reports that the company has made its second large gas discovery at a field in Shahdol in Madhya Pradesh.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
RIL promoter Mukesh Ambani, who is currently in the US, has already held meetings with the top brass of Chevron, ExxonMobil and Texmaco.
Mukesh Ambani-led Reliance Industries Ltd, which is engaged in the textile business apart from petroleum, has approached the Controller General of Patents, Designs and Trade Marks for a process patent to make thermoplastic polyester. RIL filed an application in this regard in March this year and the approving authorities have published the claims made by the company in their latest Patent Office Journal, giving public notice.
Tata Motors is likely to exit the S&P BSE Sensex and the Nifty50 indices once the demerger process of its commercial vehicle (CV) and passenger vehicle (PV) businesses is complete, analysts at Nuvama Institutional Equities said. They have compared the development with Reliance Industries (RIL) and Jio Financial Services, which got listed separately and eventually (in the next few days) got excluded from the domestic indices.
RIL declined to comment on this or related allegations, saying the entire issue was in court.
After a long wait for government approval, Reliance Industries (RIL) is to begin work on development of four satellite fields -- D-2, D-6, D-19 and D-22 -- in India's largest gas field, block D6 in the Krishna-Godavari basin, or KG-D6.
Investment are made in Fixed Maturity Plans and other debt schemes.
Reliance Industries has offered $13.5 billion to buy LyondellBasell Industries, 12.5 per cent more than its previous offer, and may sweeten it further to get control of the bankrupt petrochemicals firm.
The government may permit Reliance Industries Limited to export surplus LPG from the west coast and allow it to import on the deficit east coast to make huge savings on freight cost.
With an aim of roping in a strategic partner for its Haryana SEZ project, corporate giant Reliance Industries is believed to be in talks with IL&FS and a couple of other players for part-sale of its stake.
This follows a letter by RIL to the ministry, justifying the increase in capex.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
