RIL to sell 49.9% stake in US joint venture

NEW DELHI: Reliance Industries is looking to sell its 49.9% stake in a US joint venture that owns a 460 miles pipeline network for transportation of shale oil and gas. RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production. “Pioneer Natural Resources today announced that the company is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business. “Reliance Holding USA, Inc owns the remaining 49.9% of the EFS Midstream business and also plans to pursue the divestment of its share in a joint process with Pioneer,” the Dallas-based independent oil and gas producer said in a statement. RIL, through its subsidiary Reliance Holding USA Inc. had acquired 49.9% stake in EFS Midstream LLC in June 2010. Current investments in EFS Midstream LLC is $208 million.

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