INDUSTRY NEWS

Reliance unveils details of O2C business spinoff plan

Reliance Industries Ltd’s new oil-to-chemical business unit will hold its oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business, the firm said detailing hiving-off plans. RIL has started work on hiving off the oil-to-chemical (O2C) business into a separate unit for a possible stake sale to companies such as Saudi Aramco.

Reliance O2C Ltd will house oil refining and petrochemical plants and manufacturing assets, bulk and wholesale fuel marketing, and RIL’s 51 per cent interest in retail fuel joint venture with BP of the UK, according to the Scheme of Arrangement.

The O2C unit would also house RIL’s Singapore and the UK-based oil trading subsidiaries and marketing subsidiary, Reliance Industries Uruguay Petroquimica SA.

Source
ET energy World
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