Coal News We love to talk!

FEB 17 2015

Reliance January oil imports up 1.1% from December: Data

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 17th FEB 2015

Reliance Industries, owner of the world's biggest refining complex, imported about 1.1 per cent more oil in January compared with the previous month and resumed purchases from Iraq after a gap of four months, tanker arrival data made available to Reuters showed.

Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought about 21.8 per cent more oil last month compared with a year earlier when it had cut runs at its older plants.

The refiner also stepped up shipments last month to build its inventory, taking advantage of falling oil prices, traders said.

It raised purchases from Latin America in January to about 49.5 percent from about 46 percent a year earlier, while that from the Middle East fell to 36.5 per cent from about 38 per cent, the data showed.

African grades accounted for about 14 per cent of the refiner's crude purchase in January compared with about 9 per cent a year earlier.

Reliance's two advanced refineries in Gujarat state in western India can together process 1.2 million bpd of oil, or about 28 per cent of the country's overall capacity.

Tags

Gujarat Iraq Oil India

Related News

  • Oil India faces royalty risk  Read more
  • France keen on solar power projects in TN  Read more
  • Talks with Kuwait's PIC over petrochemical plant at Dahej remain inconclusive: ONGC  Read more
  • Natural gas price far below average production cost: ICRA  Read more
  • Hartek Power Enters Chandigarhs Rooftop Solar Segment, Executes Citys First Project in Commercial Category  Read more
  • India received 3,968 tonnes nuclear fuel after signing agreements with foreign suppliers  Read more
  • Global equity investors turn to India for green projects  Read more
  • B Ashok is new Chairman of IOC  Read more
  • IMG approves NHPC disinvestment  Read more
  • JSPL in talks to buy 1,320-Mw power project in Andhra Pradesh  Read more