Reliance Refinery to Drive Profit as Gas Output Stalls
This article is for subscribers only.
Billionaire Mukesh Ambani’s Reliance Industries Ltd. will rely on the world’s largest oil-refining complex and overseas acquisitions to boost profit after delays in increasing natural-gas production.
Pretax profit from processing crude oil surged 63 percent in the three months ended Sept. 30 from a year earlier, the Mumbai-based refiner and energy explorer said Oct. 30. Net income rose 28 percent to 49.2 billion rupees ($1.1 billion), the highest in almost three years, as Asia’s economic recovery spurred demand for fuels used in cars, trucks and airplanes.