A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries Ltd aimed at boosting profits at the world’s largest oil refining complex.

The project made all the sense in the world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of the cheapest and dirtiest refinery by-products, into gas needed to power the massive Jamnagar complex on India’s west coast.

New Delhi: Fitch Ratings on Friday raised the outlook on Reliance Industries Ltd (RIL) to positive from stable due to the company's potential to further deleverage following its announcement to eliminate its net debt by March 2021.

In a statement, Fitch said it is revising "the outlook on RIL's Long-Term Local-Currency issuer default rating (IDR) to Positive from Stable and has affirmed the rating at 'BBB'."

Reliance Industries shares zoomed nearly 10 per cent on Tuesday, adding Rs 71,638 crore to the company’s market valuation after the announcement of a host of investor-friendly proposals at its annual general meeting.

The oil-to-telecom giant saw its scrip jump 9.72 per cent to close at Rs 1,275 on the BSE. During the day, it climbed 12.09 per cent to Rs 1,302.50.

Reliance Industries Limited (RIL) is set to divest a 20 per cent stake in its oil-to-chemicals business to Saudi Aramco, enabling the Indian conglomerate to shed debt, while giving Aramco improved access to a fast growing market.

Saudi Aramco is offering Reliance $15 billion for the stake — one of the largest foreign direct investments into India. RIL will get another $1 billion, or Rs 7,000 crore, from a joint venture with BP that will retail auto fuels and ATF in the country.

British Petroleum (BP) and Reliance Industries Ltd (RIL) on Tuesday announced a new joint venture (JV) that will include a retail service station network and aviation fuels business across India.

The JV will incorporate and build on RIL's current fuel retailing network of over 1,400 sites across India, which the partners aim to grow rapidly to up to 5,500 sites over the next five years.

More than two years after the idea of doorstep delivery of fuels was mooted, Reliance Industries (RIL) is preparing to enter the fray. The state-run oil marketing companies (OMCs), on their part, will add at least 500 doorstep fuel delivery vehicles within the current financial year.

The OMCs — Indian Oil, BPCL and HPCL — will soon be issuing advertisements to select interested start-ups and entrepreneurs to enter the field, said a source.

Diversified conglomerate Reliance Industries (RIL) has become the top-ranked Indian company to feature in the latest Fortune Global 500 list.

The oil-to-retail major has toppled state-run Indian Oil Corporation (IOC) as the top-ranked Indian company.

An arbitration tribunal has been constituted to resolve the dispute between Reliance Industries (RIL)-BP and Canadian firm Niko Resources over payment defaults related to field development cost by the latter for its 10% participating interest (PI) in the KG-D6 gas block. The tribunal will soon start the proceedings, RIL said in its annual report for 2018-19.

To reverse the decline in production of natural gas fields in KG-D6 block in Bay of Bengal, Reliance Industries (RIL) said it is likely to start production at the three new sets of discoveries in the block by mid-2020.

The production decline in the blocks over the years has brought it to 'late life stage' though it has not plummeted to an all-time low.

Reliance Industries Ltd (RIL) on Friday reported a 6.8 per cent increase in its net profit at Rs 10,104 crore for the quarter ended June this year on the back of a record 22 per cent jump in revenue at Rs 1.72 trillion.

Consumer businesses contribute 32 per cent of the consolidated segment gross earnings (or earnings before interest, taxation, depreciation, and amortisation, or Ebitda) for the quarter.

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