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BP, RIL lock themselves in a 10-year partnership

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RIL on Monday announced a 30% stake sale in 23 oil and gas blocks, thereby putting to rest market concerns over valuation of its assets and anxiety over it’s efficiency to extract oil and gas.

The Sensex on Tuesday fell by 142 points or 0.8% to 18,296.

The RIL-BP deal will have a long-term positive impact on RIL’s stock price, experts said.

Reliance Industries has underperformed the stock markets over the last three years and the primary reason was a discomfort over the valuation of its assets and RIL’s ability to extract gas efficiently. With BP coming in with its technology and valuing the company’s assets in 23 blocks, both these concerns have been addressed,” said Aseem Dhru, CEO, HDFC Securities.

The deal, which was advised by Morgan Stanley, will also help RIL ramp up production.

“BP will put their technical know-how in deepwater exploration and help RIL ramp up,” said SP Tulsian, an independent analyst.

“The stock price is likely to go up to Rs 1,050 in a month.”

But how will the heavy cash flow benefit RIL?

Some say the company may utilise it to de-risk business interests while others feel that they may invest the majority in core business interests.

“It will give a big amount of flexibility to the company and help in derisking,” said Ramit Bhasin, MD and market head, RBS, India.
Source: hindustantimes

February 22, 2011 · Filed Under Reliance Industries 
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