Reliance spins off oil-to-chemical unit - News Summed Up

Reliance spins off oil-to-chemical unit


The oil-to-chemical (O2C) business unit holds Reliance's oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business. Reliance for the first time reported integrated earnings of the O2C business in its third quarter financial results. As a result, it did not give refining margins - the most sought after number to assess the firm's oil refining business. The O2C unit also houses the firm's Singapore and the UK-based oil trading subsidiaries and marketing subsidiary, Reliance Industries Uruguay Petroquimica SA. "Reliance O2C (is) one of the most integrated manufacturers of value-added fuels, chemicals and materials," the presentation said.


Source: Mint January 24, 2021 07:52 UTC



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