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Reliance Industries said it has launched a wholly owned unit in the United Arab Emirates to trade crude oil, petroleum, petrochemicals and agricultural products.
The parent company said the new unit, Reliance International Limited, had yet to start operations, adding that it had invested $ 1 million there.
In its brief statement, Reliance, which operates the world’s largest refining complex in Jamnagar, western India, did not elaborate on the reason for the decision to create the new unit and the reasons for choosing the United Arab Emirates as the seat, although this is in line with a greater focus on overseas, he said on Saturday.
The company has already purchased stakes in a number of offshore exploration and manufacturing assets. In June, it struck a deal with the Abu Dhabi National Oil Company (ADNOC) to build a multibillion-dollar chemical project in Ruwais, the first such foreign investment for the company.
Reliance announced in June that it had appointed the chairman of the Saudi Aramco oil company, Yasir Al-Rumayyan, as a director of its board of directors, saying he hoped this would be “the start of the transformation of Reliance. into an international company “.
The company hopes to finalize this year the formalities of an agreement to sell 20% of its activities to Aramco.
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