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Insider Trading Complaint against Reliance Petro (RPL)
Answering in the Lok Sabha, acting Finance Minister Pranab Mukherjee said that Reliance Petroleum is among the companies against whom the government has received complaints of insider trading.
Capital markets regulator SEBI is investigating allegations of insider trading in the shares of Mukesh Ambani-run Reliance Petroleum Ltd (RPL), the Rajya Sabha was informed on Tuesday.
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Reliance Petroleum sold diesel parcels in January
India’s Reliance Petroleum sold a diesel parcel from its new refinery in January, a top company official said on Tuesday.
“We awarded one spot cargo last month,” the official, who did not want to be identified, told reporters without disclosing the loading date for the cargo.
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RIL leases clean oil products storage in Singapore
India’s Reliance Industries has leased 100,000 cubic metres (cu m) of clean oil products storage in Singapore, further expanding its global presence as the private oil refiner prepares to commission its new mega-refinery.
RIL is planning for shared service center to cut cost
India`s largest private sector company Reliance Industries (RIL) as part of it`s cost cutting move is working on setting up a shared service centre that will integrate core support functions, HR, training, commercials and IT services, of all group companies into one unit in Mumbai, reports Economic Times.
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Pawan Kumar Kapil appointed as Additional Director at Reliance Petroleum
Mukesh Ambani Group firm Reliance Petroleum on Wednesday announced the appointment of Pawan Kumar Kapil as an additional director of the company.
“Pawan Kumar Kapil has been appointed as an Additional Director of the company with effect from December 15, 2008,” Reliance Petroleum Ltd said in a filing to the Bombay Stock Exchange.
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Reliance oil and gas projects might be delayed
Reliance Industries (RIL), India’s biggest company by market value, is unlikely to meet its previously-announced commissioning schedules for two key oil and gas projects, as depressed global fuel demand, the financial market turmoil and legal challenges to its plans force it to push back deadlines, company officials with knowledge of its plans say.
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Reliance Petroleum will start production by mid-November 2008
As per Business Standard, Reliance Petroleum Ltd plans to start its 580,000 barrels per day refinery by mid-November, slightly later than expected but within the firm’s December target.
Reliance to pump oil in Sept, gas in Oct-sources
India’s Reliance Industries aims to pump gas from its east coast block from October and oil from September, slightly later than expected but within a broad target of the second half of 2008, company sources said. Continue Reading »»
Reliance ready to roll out gas by December from KG basin
Reliance Industries (RIL), India’s largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country’s east coast, “by December†this year, a senior executive said on. Continue Reading »»
India’s Reliance: revenue from new refinery this yr
India’s Reliance Industries Ltd expects to start making revenues from its new 580,000 barrels per day (bpd) oil refinery this year, its chairman said.
The refinery, which is being built by unit Reliance Petroleum, will have a lead over other upcoming export refineries in Asia and the Middle East, and is expected to make robust margins, Mukesh Ambani told shareholders at the weekend.
Together with Reliance Industries’ existing 660,000 bpd refinery, the new unit will make the Jamnagar complex in western Gujarat state the world’s biggest, with a capacity of 1.2 million bpd.
Chevron Corp holds 5 percent in Reliance Petroleum.
A source had told Reuters in April Reliance will begin testing its new refinery in July and commission it in September.
“At time of the refinery project announcement, a number of large-scale greenfield export refineries had also been announced in the Middle East and Asia,” Ambani said at the weekend.
“RPL will be the first off the mark with a multi-year lead over other greenfield refineries. This will give it a huge advantage,” he said, adding the refinery will start generating revenues “from this year itself”.
The supply from the new refinery will represent almost half of the estimated global oil demand growth in 2009, and should increase global production capacity of both petrol and diesel by around 1 percent, he said.
Demand for energy was expected to remain buoyant, and the long-term outlook for refining margins “continues to be positive, specially for complex refiners,” Ambani said.
Source: reuters.com





