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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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Reliance JioPhone Likely to Get WhatsApp Soon

People can download WhatsApp on both JioPhone and JioPhone 2 by visiting the AppStore.

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WhatsApp now available on Reliance JioPhone. Pixabay

Facebook-owned WhatsApp on Monday announced it is now available on Reliance JioPhones across India.

WhatsApp has built a new version of its private messaging app for JioPhone, running on KaiOS operating system.

“Millions of people across India can now use WhatsApp private messaging on the best-in-class JioPhone across India,” said Chris Daniels, Vice President, WhatsApp, in a statement.

The new app makes it easy to record and send voice messages with just couple of taps on the keypad.

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WhatsApp on a smartphone device. Pixabay

To get started, JioPhone users only need to verify their phone number and then they can begin chatting with other WhatsApp users, one-on-one or in groups.

“We will be providing WhatsApp, the most used chat application in the world, on all JioPhones starting today (Monday). Jio wants to thank the Facebook and WhatsApp team for making this happen,” said Akash Ambani, Director, Reliance Jio Infocomm Ltd.

Also Read- Actor Tiger Shroff Talks About Three Mantras in His Life

WhatsApp is available in the JioPhone AppStore starting September 10 and will be rolled out on all JioPhones by September 20, the company said.

People can download WhatsApp on both JioPhone and JioPhone 2 by visiting the AppStore. (IANS)

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