Wednesday October 18, 2017
Home Business Reliance Indu...

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

0
35

world-class-oil-deposit

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)

 

Next Story

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

0
68
Wifi, Pixabay

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.

NewsGram brings to you latest new stories in India.

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)

NewsGram is a Chicago-based non-profit media organization. We depend upon support from our readers to maintain our objective reporting. Show your support by Donating to NewsGram. Donations to NewsGram are tax-exempt. 

Next Story

Reliance to launch Jio-Money Merchant Solutions app to enable digital transactions, especially among small Merchants

Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash

0
133
Jio
Reliance Jio crosses 100 mn customer mark, image courtesy: reliancejio-sim.in

Mumbai, Dec 1, 2016: To enable digital transactions, especially among small merchants, Reliance Industries on Thursday announced it was launching next week its Jio-Money Merchant Solutions.

“To enable digital transactions, merchants, especially small merchants, are an important component of our economy. To fuel their transactions, Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling Jio-Money Merchant Solutions,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, in an address to stakeholders at RIL’s Navi Mumbai office.

NewsGram brings to you latest new stories in India.

“Starting December 5, every merchant can download the Jio-Money Merchant Application,” he added.

Ambani said this will enable digital transactions of all types, whether they be at mandis, small shops, restaurants, railway ticket counters, for bus and mass transit and even for person-to-person money transfers.

“Customers can use their JioMoney wallets to pay merchants from their bank accounts, and merchants can use the Jio-Money Merchant App to accept these payments directly into their bank accounts,” he said.

Look for latest news from India in NewsGram.

Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash.

“JioMoney is focused on signing up over 10 million small merchant retailers in the coming weeks across 17,000 towns and four lakh villages. With this, the JioMoney ecosystem will be a committed and enthusiastic partner for the smooth implementation of our Prime Minister’s game-changing vision of creating a digitally-enabled and strong Indian economy,” Ambani said. (IANS)

Next Story

‘Green’ lessons earn Reliance staffer Guinness entry

0
47

Coimbatore: An hour-long lesson last year on how to segregate waste at source, involving 12,994 people of this city, has fetched C G S Manion, a member of the polyester division of RelianceIndustries, a Guinness World Record.

Manion, who has to his credit nearly 15 years of work towards environment protection, was selected by the Coimbatore Municipal Corporation to conduct a lesson on recycling on August 5 last year, which the Guinness has recognised.

In its citation, Guinness World Record called it the largest recycling lesson.

“This event was an attempt to reach a majority of local households with practical messages on waste segregation, reduce dumping of waste and recover for recycling and composting,” it said.

The environment expert’s campaigns also work in tandem with his employer Reliance Industries’ own facilities, townships and adjoining places through a host of initiatives like the one on a sustainable system to collect and dispose used plastic bottles in a green manner.

“These projects are very special to me not for the Guinness Record, but for reaching out to our society for a genuine social cause,” said Manion, also associated with a non-profit organisation that has undertaken works like the restoration of water bodies and afforestation.

Named Siruthuli, a small drop of water in Tamil, the non-profit venture started with projects to rejuvenate water sources in this city and has now ventured further into afforestation, waste management and awareness programmes.

“Such efforts are reflections of our company’s commitment to ‘recycle, reduce and re-use’,” a Reliance Industries spokesperson said, referring to how the company re-uses plastics to replace carcinogenic asbestos and make pre-coloured fabrics to avoid harmful dyeing later.

“We see such efforts as an inspiration for our ‘go green with swatch Bharat’ campaign,” the spokesperson said, and added that the strategy involved creating awareness on safe disposal of plastic bottles, adopt a systematic collection system and making fibres out of them.

At some high-profile events like the Indian Premier League cricket matches, the venues are peppered with banners explaining safe disposal methods and calling upon patrons to bring their plastic bottles for a “greener future”.(IANS)