STOCK MARKET BSE NSE

Reliance March Oil Imports up 22 Percent Year-on-year Trade

Reliance Industries, owner of the world\'s biggest refining complex, shipped in 22 percent more oil in March compared with last year.

Published: 29th April 2016 05:22 PM  |   Last Updated: 29th April 2016 05:22 PM   |  A+A-

NEW DELHI: Reliance Industries, owner of the world's biggest refining complex, shipped in 22 percent more oil in March compared with last year, when its imports were less due to maintenance shutdown of a few units at its 660,000-barrels-per-day (bpd) refinery, according to tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.

Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought 1.34 million bpd last month, a decline of 13.1 percent from February.

Last month, Reliance received about 89,000 bpd oil and condensate from Iran, as the Indian conglomerate resumed purchases from Tehran after a six-year-long gap. Reliance is looking for long-term supplies from Iran.

Share of Latin American and African oil in Reliance's overall imports declined in the first quarter of 2016, as the company said it shifted sourcing away from dated Brent-linked markets to Middle East sources, in the last six months of the fiscal year that ended on March 31.

Share of Middle Eastern crude in Reliance's overall imports rose to about 57 percent in the first quarter of 2016 from about 46 percent a year ago, the data showed.

During the same period, African grades accounted for about 6 percent of the crude purchased, compared with about 10 percent of last year, while Latin American oil's share slipped to about 37 percent from 44 percent.

Reliance's two advanced refineries in Gujarat can together process 1.2 million bpd of oil, or about 26 percent of India's overall capacity.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp