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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

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