Reliance Industries said on Saturday it had established a wholly owned subsidiary in the United Arab Emirates to trade in crude oil, petroleum, petrochemicals and agricultural commodities.
Reliance International Ltd (RINL), the new subsidiary, has yet to begin operations, the parent company said in an exchange filing, adding that it had invested $1 million in the new venture.
In its brief statement, Reliance Industries, which operates the world’s largest refining complex at Jamnagar in western India, has not given any reasons for its decision to set up the new unit and its reasons for establishing it in the UAE, although it consistent with becoming increasingly international.
It previously bought stakes in a number of overseas exploration and production assets and in June signed an agreement with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion dollar chemical project in Ruwais, marking the group’s first investment in marks a greenfield. overseas project.
Reliance Industries announced in June the appointment of Yasir Al-Rumayyan, chairman of Saudi Aramco, as director of Reliance’s board of directors, saying it marked the “beginning of Reliance’s internationalization”. The group hopes to formalize a deal this year to sell a 20 percent stake in its oil-to-chemical business to Aramco.