Reliance industries become the world’s second-largest energy company, second only to Saudi Aramco

Reliance Industries has become the world’s second-largest energy company when they overtook Exxon Mobil Corporation and now rank second only to Saudi Aramco. 

Managed by Asia’s richest man, Mukesh Ambani, owns the biggest refinery complex gained 4.3 percent in Mumbai on Friday adding $8 billion to take its market value to $189 billion, while Exxon Mobil erased about $1 billion. There is a significant contrast in the graphs of Reliance industries and Exxon’s in terms of shares. The latter has seen a drop of 39% while reliance managed to see a jump of 43% this year as refiners across the globe struggled with fuel demand. Aramco still holds strong as it sees a market capitalization of 1 76 trillion solidifying its position as the world’s biggest energy company.

As per a report in Bloomberg, the energy was the key factor in Ambani’s wealth this year with 80% of reliance’s revenue coming from this sector but what has kept it going was chairman’s plan to expand the company’s digital and retail arms which have attracted $20 billion into the Jio Platforms unit. This essentially propelled him to the fifth spot in the Bloomberg Billionaires Index.

In recent months, the industry has lured investments from Google to Facebook from the digital space of the company. The industry is specifically focusing on technology and retail considering it to be the focus group in the immediate future. The shift from energy to other sectors is ironically attracting more attention to reliance’s energy mission. The world has slowly started to recover from the oil crisis. This phase has seen Worst-in-a-generation oil prices combined with OPEC production cuts, collapsing refining margins and millions of barrels of unsold crude have hurt big oil companies including Exxon and Chevron Corporation, reports Bloomberg.

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