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.
The Comptroller and Auditor General of India (CAG) is expected to complete the special audit of the accounts of KG Basin oil and gas fields of Mukesh Ambani-owned Reliance Industries Ltd (RIL) by February next year, a top official said.
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.
RIL produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended May 26, according to a status report of the Directorate General of Hydrocarbons.
Ambani's wealth jumped $3.59 billion in the past 24 hours, while Adani added $2.96 billion to his net worth.
RIL produced a total of 13.58 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the first week of February, which rose to 13.63 mmscmd in the following week.
This follows a letter by RIL to the ministry, justifying the increase in capex.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
The overall market breadth in BSE remains positive with 1,723 shares advancing and 1,157 shares declining.
Reliance Industries may sell part of its stakes in some of the overseas oil and gas blocks to lower its exploration risk.
Reliance Industries on Tuesday told the Supreme Court that the 2005 family agreement to divide the Reliance empire was a pact between the Ambani brothers and Anil should sue Mukesh if he feels aggrieved.
RIL is keen to hike gas price from April 2014 but due to some technical glitches, it may not be able to pass on burden of high production cost to customers.
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
RIL is keen on buying Cairn India's Rajasthan crude oil but said it cannot take the oil unless the pipeline from fields to Gujarat coast is built.
Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.
With CAG alleging that Mukesh Ambani-run Reliance Industries was delaying furnishing of records for audit, Oil Minister M Veerappa Moily on Friday said there was no problem and "everybody" was cooperating.
Some documents not yet provided, spokesperson tells DNA Money. Murli Deora's Petromin says report submitted! ADAG once again asks for tabling of report, shows 'proof' govt appointed auditors of RIL expense sheet have conflict of interest.
The division of the Reliance empire has helped fuel the upward rally in Reliance's market value as shareholders' wealth surged 100 per cent within a year of the demerger, while net profits doubled in two years.
The Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
The government had disallowed as much as $1.005 billion of its investment as KG-D6 output lagged targets.
Even as news of a possible settlement between the Ambani brothers are doing the rounds, global rating agency Standard and Poor's on Friday
The combined market valuation of six of the 10 most valued companies surged by Rs 1,56,247.35 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While RIL, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HDFC and Bajaj Finance saw gains in their market capitalisation (m-cap) in the holiday-shortened week, Infosys, HUL and LIC suffered losses. Stock markets were closed on Tuesday on account of Muharram.
Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp were economically unviable to produce at current rate of $4.2 per million British thermal unit.
Reliance Industries on Friday unveiled five fundamental strategic shifts for growth, laying emphasis on acquisitions and partnerships for growth rather than the organic route.
The investment bank adds that company's September-quarter earnings came in line with consensus estimates.
Attracted by the boom in the automobile sector, Reliance Industries Ltd (RIL) has formed a joint venture with Russia's biggest petrochemical company, SIBUR, to jointly invest $450 million (Rs 2.040 crore) to set up a 100,000-tonne butyl rubber factory, said a company release. RIL will have majority stake.
RIL and its partners BP Plc of UK and Canada's Niko Resources had last month spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in the Krishna Godavari basin.
US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with the Future Group to resolve the dispute over Future Retail's merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over. A bench headed by Chief Justice N V Ramana, on March 3, had acceded to Amazon's request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with the Future Group. The bench, also comprising justices A S Bopanna and Hima Kohli, is hearing Amazon's appeal against the January 5 order of the Delhi high court, which stayed the arbitration proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail. "It often happens that sometimes, we hope very positively but in the end, it is not positive at all.
According to senior RIL executives, more than half the work has been completed on the pipeline, which will transport gas from the KG basin to the RIL refinery at Jamnagar.
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
Reliance Industries will not "scale down" production from Krishna Godavari basin to accommodate RNRL's future needs, nor would it renegotiate the government-approved price of the gas, the Bombay High Court was told on Thursday.
Reliance Industries (RIL), India's largest private sector company, is finalising a new alliance with engineering and project management partner Bechtel Corporation, as it prepares to enter the power sector.
At 1437 hours, RIL commanded a market value of Rs 2,44,232 crore (Rs 2442.32 billion) -- higher than ONGC's Rs 2,40,922 crore (Rs 2,409.22 billion) which slipped to second place in the list of market valuation chart.
Morgan Stanley, the global financial services company, says India's largest private sector company (by market value) might lose 11 per cent of its earnings per share in 2014-15 earnings estimates if gas prices remain at $4.2 a unit.
Two weeks ago, RIL chief Mukesh Ambani instructed his senior executives to get ready for production by October, almost two-three months ahead of the earlier planned schedule, as the refinery at Jamnagar, the East-West pipeline and facilities at KG basin are nearing completion, said sources. RIL is developing the largest gas find in the world in KG basin, with estimated gas reserves of 11.5 trillion cubic feet (TCF).
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