Reliance Industries to get first oil shipments from Abu Dhabi-based trading arm in December: Report
Reliance bought 4 million barrels of Das crude oil for February loading
Reliance Industries Ltd, operator of the world’s largest refinery complex in Jamnagar, aims to receive its first oil shipment from its new Abu Dhabi-based commercial unit in December, a source familiar with the matter told Reuters. know.
Reliance Group, backed by billionaire Mukesh Ambani, in October announced plans to establish Reliance International Ltd (RINL) to trade in crude oil, petroleum, petrochemical products and agricultural commodities.
The source said the group aims to receive about 500,000 barrels of United Arab Emirates Das crude from RINL.
Abu Dhabi National Oil Company (ADNOC), which has leased part of the strategic oil reserve at Mangalore in southern India, supplies one million barrels of Das crude oil from the cave to Reliance in October and 2 million barrels. in November, data from trade sources showed .
India has allowed ADNOC to trade in oil from the cave.
This month, Indian refiners are increasing the price of Middle Eastern crude oil loads in February after spot premiums halved from multi-month highs, trade sources said. Commodities rose in January, trade sources said.
There is more supply coming from the Atlantic basin, while the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, decided earlier this month to continue increasing production by 400,000 barrels/day in January.
Reliance bought 4 million barrels of Das crude for February at a premium of around $2 to $2.30 per barrel at Dubai quotes, trade sources said, down from the level, trade sources said. premium over 5 USD in the last month.
They said Italy’s Eni is supplying 1.5 million barrels, while PetroChina has sold 1 million barrels. Sources said RINL, Total and Phillips 66 sold 500,000 barrels each.
Refinitiv data shows the refiner last lifted similar volumes of Das crude from Abu Dhabi in August.
No comment was immediately available from Reliance.
Separately, state-owned refiners Bharat Petroleum Corp and Nayara Energy, partly owned by Russian oil giant Rosneft, bought Oman and Upper Zakum crude for loading in February, while Indian Oil Corp had a session Bidding closes on Wednesday.
