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RIL petrochemical business posted record profit in 2017-18

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Mumbai, June 7 (IANS) Reliance Industries Ltd (RIL)’s refining and petrochemical businesses posted record level of profitability on the back of expanded capacities, high operating rates, improved cost competitiveness and better margins, the company has said in its latest annual report.

The company’s oil and gas exploration business saw declining volumes and lower prices, the Mukesh Ambani-led RIL said in its Annual Report 2017-18.

“The refining business improved upon the preceding year’s strong Gross Refining Margins (GRMs),” it said.

GRMs signify the earning on converting a barrel of crude to petroleum products.

“The petrochemicals segment posted a significant jump in profits due to higher volumes from expanded capacities and better margins,” the report said.

RIL’s refining and marketing segment reported a 3.2 per cent increase in earnings before interest and tax (EBIT), or operating profit climbing to its highest-ever level of Rs 25,869 crore (around $4 billion).

The GRMs for the year rose to a nine-year high of $11.6 per barrel (bbl), over last year’s $11 per bbl.

“RIL’s GRM outperformed the Singapore complex margins by $4.4 per bbl,” the company said.

“Our oil and gas business continued to face headwinds owing to declining volumes and soft prices that improved towards end of the year. Volumes from conventional fields and US shale were lower on account of natural decline and slowdown in development activity.”

RIL’s production was down 16.9 per cent to 78.9 billions of cubic feet equivalent (Bcfe) whereas the US shale volume fell 19.7 per cent to 139.7 Bcfe.

“On the positive side, Reliance is poised to become one of the largest non-conventional gas producers in India with the ramp up of CBM (coal bed methane) production that crossed one million standard cubic meters per day,” the company said.

“To sustain production, the second phase of development has also commenced,” it added.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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