Reliance: Reliance uses UAE subsidiary for oil trading

A new subsidiary has been established in the UAE for trading crude, Petroleum products and agricultural products. Reliance International Limited The company stated in a stock exchange document that it has been registered as a wholly-owned subsidiary in the Abu Dhabi Global Market, United Arab Emirates (UAE).

The document stated: “The company has invested 7.42 million rupees or 1 million U.S. dollars in cash to purchase 1 million shares of Reliance International Limited for 1 U.S. dollars per share.”

The plan was formulated after the announcement in June that the Indian conglomerate would invest in the Abu Dhabi National Oil Company’s project to produce chemicals that can be used in infrastructure and consumer products.

“RINL was established to carry out activities related to the trade of crude oil, petroleum products, petrochemical products and agricultural products. RINL It has not yet started its business operations,” Reliance said.

The investment in RINL is not a related party transaction, and the sponsor/sponsor group/group company has no interest in RINL and stated that the investment does not require government or regulatory approval.

rely Jamnagar, Gujarat, operates the world’s largest oil refinery and has multiple petrochemical units in the country.