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Reliance Industries to sell stake in US-based shale gas operations for $1.07 billion

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Mumbai: Oil refiner-to-retail major Reliance Industries on Monday said it has entered into a deal to sell its stake in its US-based shale gas operations for $1.07 billion.

According to the company, Reliance Holding USA, a subsidiary of Reliance Industries, has entered into a definitive agreements for the sale of its entire holding of 49.9 percent interest in EFS Midstream to an affiliate of Enterprise Products Partners.

“EFS has succeeded in its objective of building the gathering and midstream infrastructure in a timely manner to support ramp-up of the ‘Reliance-Pioneer Eagle Ford Upstream’ joint development operations,” Walter Van de Vijver, president and chief executive of Reliance Holding USA was quoted in a statement.

“EFS has now transitioned from a ‘development’ mode to ‘stable operations’ mode, generating free cash flows since 2013. EFS monetization thus provides a significant opportunity for unlocking value for our shareholders.”

EFS provides gathering, treating and compression services and condensate stabilisation operations in the ‘Eagle Ford Shale’ for the Reliance-Pioneer upstream joint development and to third parties.

Since inception in 2010, EFS has built significant midstream infrastructure, which now comprises of 10 central gathering points, 460 miles of gathering pipelines, 119 Mboepd (thousand barrels of oil equivalents per day) of condensate stabilisation capacity and 780 MMcfd (millions of cubic feet per day) of natural gas treating capacity. (IANS)

 

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Punjab government signed an MoU with Reliance Jio to provide free Wi-Fi facility in all Technical Institutes

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Chandigarh, May 18, 2017: The Punjab government on Thursday signed an MoU with Reliance Jio to provide free Wi-Fi facility in all state-run engineering colleges, industrial training institutes and polytechnics, a minister said.

The step will help provide free Internet to students of these institutions for their academics and also encourage cashless transactions and digitalisation, Technical Education Minister Charanjit Singh Channi said.

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He said Reliance Jio will set up the infrastructure for the purpose, bearing the cost of equipment and electricity required for Wi-Fi functioning.

The company will block all objectionable websites as per the Centre’s directions.

The principals of the institutions concerned have been directed to provide suitable space and security for the proposed Wi-Fi service and relevant network equipment required. (IANS)

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