RIL’s oil-to-chemicals business recovers but second wave a challenge

Reliance Industries Ltd (RIL), India’s biggest petroleum company that is still looking to close its much-delayed deal with Saudi Aramco for its O2C (oil to chemicals) business, has seen recovery in both its upstream and downstream activities during the fourth quarter of FY21. Growth in these segments, however, appears tentative owing to the current wave of the pandemic and also because the annual performance last year was pale.

Its oil and gas production is hinging on output at its satellite fields. It is minuscule compared to its big-bang entry into this segment in the late

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