OPEC deal with non-members a tailwind for E&P biz: RIL CFO

Moneycontrol BureauThe landmark deal between OPEC and Non-OPEC nations last month to reduce crude output will be a tailwind for exploration and production business, said Reliance Industries' Chief Financial Officer, Alok Agarwal, addressing the media.
He spoke about three major developments in the third quarter. The company has brought on line its paraxylene capacity which on full commissioning will place them as among the top three producers in the world.

They also saw exceptional growth in the retail business. 

As of December end, the company had in excess of 72 million subscribers on its Jio network, he said. He said the hydrocarbon business witnessed a record standalone performance.

The company's net profits for the third quarter of current fiscal beat Street expectations at Rs 8,802 crore. The gross refining margins (GRM) on the other hand, dissapointed at USD 10.80 per barrel.He added that the refining business saw demand growth in India and across the globe. (Disclosure: RIL owns Network18 which publishes moneycontrol.com)