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FinancialNews
04-10-21
Reliance Industries sets up wholly owned subsidiary in UAE for trading in crude oil
(MENAFN)Reliance Industries installed a wholly owned subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum, petrochemical products and agricultural goods.
According to the parent company, Reliance International Ltd (RINL), the new subsidiary, is yet to start operations, adding that it had invested USD1 million in the new business.
In addition; Reliance Industries that operates the world’s biggest refining complex at Jamnagar in western India, gave no explanations for its decision to establish the new unit and its reasons to situate it in the UAE, though it is corresponding to it becoming more international in its focus.
Previously, it bought stakes in a number of abroad exploration and manufacturing assets, and it entered a dealwith Abu Dhabi National Oil Co (ADNOC) to set a multi-billion dollar chemical project in Ruwais, marking the group’s first investment in a greenfield overseas project.
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