Reliance Industries Limited closes shale gas assets sale deal

Mumbai, July 10 (IANS) Oil refiner-to-retail major Reliance Industries on Friday announced the closing of the recently announced sale of its shale gas assets in EFS Midstream to an affiliate of Enterprise Products Partners.

According to the company, its subsidiary Reliance Holding USA announced the closing of the recently announced sale.

In a joint transaction announced on May 31, Reliance and Pioneer Natural Resources Company agreed to sell their respective ownership interests (49.9 percent and 50.1 percent) in EFS to an affiliate of Enterprise Product Partners for an aggregate consideration of $2,150 million.

“The transaction closed today with the effective date for the transaction being July 1, 2015. Under the terms of the definitive agreements, Reliance received gross cash consideration of $574 million towards the first tranche of sale proceeds,” the company was quoted in a statement.

“Following retirement of debt at EFS level and other adjustments customary for similar transactions, Reliance received net proceeds of $528 million at the closing today,” the statement said.

The statement added that the final tranche of payment worth $499 million in cash is expected to be received on or before the first anniversary of the closing date.

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