Reliance Industries (RIL) will transfer its Jamnagar syngas project to a subsidiary it owns fully, said the company on Wednesday, referring to mixture of gases used for energy production.
The transfer will help “unlock the value of syngas" and will help the company’s transition to renewables as its primary source of energy, said the company in a press release.
Syngas is a combination of hydrogen, carbon monoxide and some carbon dioxide that is typically manufactured by gasifying a solid hydrocarbon fuel.
Syngas ensures reliability in fuel supply and helps reduce volatility in the energy costs. The mixture is used to produce hydrogen in the Jamnagar refinery, said Reliance.
Reliance, in October, posted a 43 per cent surge in second-quarter profit that exceeded market expectations, as rising demand and higher average selling price for oil products boosted its mainstay oil-to-chemicals business.
Revenue from the oil-to-chemicals unit, home to both its refining and petrochemicals operations, rose 58.1 per cent, also benefiting from higher transportation fuel margin.
(With inputs from Reuters)
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