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RIL-RPL together may become world’s largest refiners

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Petrochemicals-to-retail giant Reliance Industries Ltd is proposing to once again merge its refinery subsidiary with itself that would make it one of the world’s largest refiners.

The boards of Mukesh Ambani-promoted RIL and Reliance Petroleum Ltd will meet on Monday to consider the merger.

The amalgamation of RPL into RIL is most likely to be a “vanilla merger” through an all-share deal without any cash component, a source said.

But the merger could impede US energy giant Chevron Corp’s plans of raising its stake in RPL to 29 per cent. Chevron holds five per cent stake in RPL and has the option to raise it to 29 per cent by July 27 this year or to sell back its current holding to Reliance Industries.

However, the merger of RPL into RIL could make the deal less lucrative for Chevron, which invested in RPL primarily because of its interest in refining business. Chevron was keen on getting fuel from the 580,000 barrels per day only-for- export refinery into US, while supplying at least one-third of its crude oil needs.

This would be the second merger between Reliance Industries and Reliance Petroleum. Earlier in 2002, RIL had merged RPL, which set up the 660,000 bpd refinery at Jamnagar in 1999. The new refinery was commissioned in late-December in a Special Economic Zone adjacent to the old unit.

February 28, 2009 · Filed Under Reliance Industries, Reliance Petroleum 
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