Let me focus on Reliance’s most valuable business today – the Oils to Chemicals division. It is formed by combining our petrochemicals and refining businesses. Reliance has the most complex and integrated Oils to Chemicals business globally. Our Oils to Chemicals business has the ability to convert oil into high-value chemicals and new materials that will significantly improve the quality of life of Indians.
As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself far ahead of the curve to create new value. At Jamnagar, we now operate with a Complexity Index of over 21.1, which is the highest globally for a refinery. Higher complexity signifies a high degree of integration of units, feed flexibility, product manufacturing capability and, consequently, the ability to maximize margins. Our Oils to Chemicals business achieved revenue of 5.7 lakh crore, exports of 2.2 lakh crore and EBITDA of 52,041 crore.
We processed 68.3 million tons of crude during the year maintaining our record of over 100% operating rate.
Despite a challenging global environment, we achieved a GRM of $9.2 per barrel, maintaining a margin of $4.2 per barrel over the Singapore complex. We derived the full benefits of Refinery Off-Gas Cracker by increasing polymer production by 18% to 5.8 MMT. The Ethane sourcing investment achieved superior returns as we capitalized on the feedstock flexibility in a volatile environment.
All units of the Gasification complex have been safely commissioned. The Gasification complex is tightly integrated with the refinery and petrochemical complex at Jamnagar. Our focus is now on completing this integration, capacity utilization and efficiency.The Butyl Rubber project with equity and technology from SIBUR of Russia, one of the global leaders in this business, is nearing completion and will be commissioned this year.
This is a great example of India-Russia cooperation. Reliance and BP signed a Joint-venture in the petroleum retailing business. In a significant new initiative, BP is acquiring 49% stake in our petro-retail business. Reliance will get 7,000 crore from BP for this transaction.
I am now delighted to make an announcement about the biggest foreign investment in the history of Reliance. It is also among the largest foreign investments in India.
Saudi Aramco and Reliance have agreed to form a long-term Partnership in our Oil to Chemicals (O2C) division. In terms of the understanding between the parties, Saudi Aramco will invest in Reliance for a 20% stake in Oil to Chemicals division at an Enterprise Value of US$ 75 Billion for the O2C division.
This investment by Saudi Aramco is subject to due diligence, definitive agreements, regulatory and other customary approvals. This Partnership will cover all of RIL’s Refining and Petrochemicals assets, including 51% of the Petroleum Retail JV. Saudi Aramco will also supply 500 KBPD of Crude Oils on a long term basis to RIL’s Jamnagar refinery. This signifies perfect synergy between the world’s largest oil producer and the world’s largest integrated refinery and petrochemicals complex.
Since its inception, our Jamnagar refinery has been processing Saudi oil every single day for 20 years. Now we have transformed our longstanding relationship of two decades, based on mutual trust, into a Partnership of growth potential for many more years. I feel privileged to welcome Saudi Aramco, which is the largest business enterprise in the world. I am grateful to the visionary leaders, Honourable Prime Minister Shri Narendra Modi and His Royal Highness Crown Prince Mohammad bin Salman Al Saud, who have laid the foundation for strategic cooperation between India and the Kingdom of Saudi Arabia.