RIL - RNRL

A day after RNRL (Anil Ambani) petitioned the Supreme Court seeking modification in the Bombay High Court order, RIL(Mukesh Ambani) moved the apex court challenging the same judgement that asked it to supply 28 MMSCMD gas to RNRL at USD 2.34 per mmbtu. It alleged that the high court erred in deciding the three terms as to quantity, tenure and price of gas supply to power plants of RNRL affiliate.

The High Court on June 15 had asked RIL to honour a 2005 family agreement to supply 28 million cubic meters per day of gas from its Krishna-Godavari basin fields to RNRL at USD 2.34 per mmBtu for 17 years from the date of setting up of the Dadri power plant.

Reliance KG-D6

Reliance Industries has resumed crude oil production from its predominantly gas-rich KG-D6 block after a three-month shutdown, which was forced by an equipment failure.

The field pumped about 5,000 barrels of crude oil on the restart as the company tested equipments and systems.

Output may rise to 10-12 Thousand barrels per day by the month-end, when the field would be shut again for 45 days to hook up more oil wells.

The MA field in the Krishna Godavari basin block off the Andhra coast began pumping oil in Sept 2008 and had produced 7.90 Lakh barrels of oil till Dec 9, when output ceased due to equipment failure.

Production recommenced last week after completion of necessary repairs and modification. Gas from the block is also expected to start flowing by March-end.
Reliance was producing about 10 Thousand barrels of oil per day from two wells before the shutdown and it would add another well this month to raise the output.

Three more wells are likely to be brought into production when the field takes the planned shutdown in March-end or early April. Output is expected to rise to 40 Thousand barrels per day before the end of the April-June quarter."

Recent News

General Elections:

The election commission announced that the election process would be held in five phrases between Apr 16 and May 13 and counting of votes will take place on May 16, 2009. BJP and Congress had welcomed the dates for the coming election and expressed their faith in the Election Commission in holding fair and free exercise.

There were reports of a tussle between Chief Election Commissioner N Gopalaswami and Election Commissioner Navin Chawla.

Market Today:

Indian Share Markets moved South with BSE Sensex ended 284.53 points or 3.20% at 8,607.08 and S & P CNX Nifty ended down 89.05 points or 3.22% at 2,674.60 , quite below the crucial support of 2,700.00. Read Market Pulse.

Reliance and RPL Merger:

Both the boards of Reliance and RPL decided RPL to merge in it parent company Reliance Industries Ltd. It is agreed that one share of RIL will be issued for every 16 shares of RPL held. The development has resulted information of one of the largest refineries in the world. The merger will be in effect from Apr 1, 2009. RIL will be one of the top 50 companies in the world on profitability basis.

Reliance

Reliance Industries Ltd:

Address: Reliance Industries Ltd.,
Maker Chambers - IV,
Nariman Point, Mumbai - 400 021, Maharashtra India.

Tel. : 91-22-22785000,22842384,22842929,22826070, 22785211

Fax : 91-22-22042268,22852214, 22785110

BSE: 500325

NSE: RELIANCE

Bloomberg: RIL@IN

Reuters: RELI.BO

Index: SENSEX, BSE Oil & Gas

Sector: Diversified, Diversified - Mega

Market Lot: 1, Face Value - Rs. 10

Website: http://www.ril.com/

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of US$ 34 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.

Backward vertical integration has been the cornerstone of the evolution and growth of Reliance. Starting with textiles in the late seventies, Reliance pursued a strategy of backward vertical integration - in polyester, fibre intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and production - to be fully integrated along the materials and energy value chain.

The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and spacial economic zones.

Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fiber producer in the world and among the top five to ten producers in the world in major petrochemical products.

The Group exports products in excess of US$ 20 billion to 108 countries in the world. Major Group Companies are Reliance Industries Limited (including main subsidiaries Reliance Petroleum Limited and Reliance Retail Limited) and Reliance Industrial Infrastructure Limited.

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