India’s Reliance Industries Ltd (RIL) announced at its 42nd annual general meeting that it had signed a letter of intent to sell a 20% stake in RIL’s chemicals, refining and fuel marketing (oil-to-chemicals [O2C]) business to Saudi Aramco in a deal valued at $15 billion. This deal includes RIL’s refining and petrochemical divisions, as well as its 51% stake in its joint fuel marketing venture with BP (RIL 2019). The remaining 49% stake in the fuel marketing business has been sold to BP for just under one billion dollars. The crown jewel of this division is the 1.24 million barrels per day (MMb/d) Jamnagar refining complex (PPAC 2019), which consistently exceeded its nameplate capacity, with annual runs averaging 1.4 MMb/d since 2015 (PPAC 2019).
Former Research Fellow Kaushik was an applied economist and a research fellow at KAPSARC. He was responsible for defining and operationalizing the research… Kaushik was an applied economist and a research fellow at KAPSARC. He was responsible for defining and operationalizing the research agenda for KAPSARC’s Markets and Industrial Development team. Kaushik was previously the head of global gas markets in the Group Economics team at BP, where he oversaw the analysis that formed the basis for BP’s natural gas investment and trading strategy. Before BP, Kaushik worked at IDFC Bank, where his portfolio included policy research and advocacy on infrastructure and environmental economics issues. These issues included low carbon infrastructure, decentralized electricity services in rural areas, and organized intermediate public transport systems for small towns. Kaushik holds a doctor of sciences (D.Sc.) degree from ETH Zurich. He has also guided and implemented research in applied economics at TERI University, India, where he was also the program director of its two MBA programs.