Mukesh Ambani News

Japanese shipping giant Mitsui OSK Lines (MOL) will buy Reliance Industries (RIL) stakes in Singapore-based Reliance Ethane Holding (REHPL) which has a fleet of six very large ethane carriers (VLECs).RIL has 100% holding in six limited liability companies (LLCs) which own the VLECs. "MOL and a strategic minority investor have signed binding definitive agreements for an investment in the six special purpose limited liability companies each owning a VLEC," said a statement from the Mukesh Ambani-led Indian conglomerate holding.Transaction closing is subject to regulatory approvals. Post closing special purpose vehicles (SPVs) for LLCs shall be jointly controlled by REHPL and MOL.P.M.S.

BP and Reliance Industries Limited (RIL) today announced the sanctioning of the ‘Satellite cluster’ project in Block KG D6. The companies are moving forward to develop the Block’s discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development. The first of the projects, development of the ‘R-Series’ deep-water gas fields, was sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of c. INR 40,000 crore (US$6 billion). They are expected to bring a total c.

India's new LNG import terminals will face major challenges due to price sensitive demand, ICRA said in its latest update on gas utilities sector. "Crowding of regasification terminals could put pressure on utilization levels, regasification charges and returns of new entrants," says ICRA (formerly Investment Information and Credit Rating Agency of India Limited). "Despite high domestic demand-supply deficit, the demand for Regasified-Liquefied Natural Gas (R-LNG) in the country is critically dependent upon the prices of liquid fuels and global spot LNG prices," Icra said. Gas demand is expected to increase to 330 million standard cubic meters per day (mmscmd) by 2024-25, while domestic natural gas production will rise 60 per cent to about 150 mmscmd.

India's Ministry of Shipping has chalked out a plan to raise a trillion India Rupees to develop ports, build ships and improve inland waterways, says a report in the Business Standard. The money will help the shipping ministry, which floated the proposal, help finance port and maritime-related infrastructure projects. The amount would be raised in the dollar equivalent at an interest of three per cent. For, the government may set up a dedicated company by pooling the future income of the 12 ports it directly owns. The company set up specifically for this purpose—a special purpose vehicle or SPV—will leverage the pooled income of the dollar receivables of the 12 ports to borrow from overseas insurance and pension funds which seek good returns for their capital.

Khamis Juma Buamim, Chairman Drydocks World & Maritime world has been recognized by Tanker Shipping & Trade as being among the top 50 most influential people in the tanker industry worldwide & is one of only 4 Chairmen globally to be so recognized. The publications annual survey profiles 50 of the sectors most influential leaders whose range of achievements is broad, covering most, if not all facets of the industry. What is not in doubt is that all those profiled represent outstanding examples of leadership, especially given their achievements against the backdrop of some of the most challenging trading conditions in a generation. The list represents leaders from 21 countries representing all of the continents & includes 4 women.

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue. Reliance, which operates the world's biggest refining complex in western India, reported net profit of 56.31 billion rupees for the quarter to end-March, compared with analysts' expectations of 56.62 billion rupees. Its average gross refining margin dropped to $9.30 per barrel from $10.10 a year earlier, although it was up from the preceding quarter's $7.60. Net sales rose 13 percent. Investors have focussed, however, on the oil and gas production business at Reliance, India's second most valuable company which is controlled by its richest man, Mukesh Ambani.

Reliance Industries Limited and BP today announced a historic partnership between the two companies. Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Mr. Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional agreements in London. The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.

A report from Bloomberg said that Reliance Industries Ltd., owner of the world’s largest oil refining complex, was the eighth-biggest charterer of Aframax vessels used to transport petroleum products last year, according to New York-based ship broker Poten & Partners. Charters by Reliance, controlled by billionaire Mukesh Ambani, represented about 3% of the market for Aframax- size “clean” tankers last year, each with the capacity to carry about 830,000 barrels of gasoline, according to a report released by. (Source: Bloomberg)