i Develop Stocks Advisory: RIL to become world's 13th largest refiner

Monday, March 2, 2009

RIL to become world's 13th largest refiner

Reliance Industries (RIL) will displace US energy major Chevron Corp to become the 13th largest oil refining company in the world after its board approved plans to absorb its Reliance Petroleum unit.

RIL, the nation's largest listed firm, will issue one share for every 16 held in RPL, giving it direct control of the world's largest refinery complex.

The company's 33 million tons only-for-export refinery at Jamnagar together with adjacent 29 million tons SEZ refinery of RPL would make it the largest refining company in India. It displaced state-owned Indian Oil Corporation (IOC) with 50.7 million tons refining capacity. IOC was ranked 18th on the world list.

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Monday, March 2, 2009

RIL to become world's 13th largest refiner

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