Reliance Industries signs deal to sell CB10 block stake to Sun Petro

As part of its rationalisation strategy, the company has exited its entire conventional oil and gas blocks portfolio outside India

Oil-to-telecom conglomerate Reliance Industries (RIL) has entered into an agreement with Sun Petrochemicals to sell its stake in the Cambay Basin-10 (CB10) block in Gujarat as part of its portfolio rationalisation strategy. The company, however, has not disclosed the deal size.
 
“RIL signed a sale and purchase agreement (SPA) with Sun Petro to farm out its 70 per cent interest in the block. The application for assignment has been submitted to the Government of India for approval,” the company said in its results statement on Friday. 
 
UK-based oil major BP holds the remaining 30 per cent interest in