What do you see happening to the oil extraction and refining business of Reliance Industries if all the focus is going to be on Jio and retail?

BOFA Securities has pointed out that Reliance Industries may be embarking on a 15-year grand plan to convert itself into a new energy company. That would mean; more focus on environmentally friendly energy sources and less focus on the fossil fuels. Oil business globally has been in a spot due to weak oil prices and tepid GRMs.

Anyways, you can trust Reliance to lead the change here too. But, how is the model likely to shift at a time when RIL has sunk billions of dollars into its refining and petchem facilities? For starters, RIL will still remain a major consumer of oil for its refining business. But, RIL will also recycle CO2 or carbon dioxide to create value from plastic waste.

Companies have learnt that the best way to change their business model is to plan towards becoming carbon neutral with optimal mix of clean and affordable energy. Apparently, RIL sees new energy as the future paradigm of its Oil to Chemicals business, better known as the O2C business. RIL plans to become net zero carbon i.e. carbon neutral by calendar 2035.