The Mukesh Ambani-backed Reliance Group in October announced plans to set up RINL to trade in crude oil, petroleum, petrochemical products and agricultural commodities.
India’s Reliance Industries Ltd., operator of the world’s largest refining complex in western India’s Jamnagar, aims to receive its first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said.
The Mukesh Ambani-backed Reliance Group in October announced plans to set up Reliance International Limited (RINL) to trade in crude oil, petroleum, petrochemical products and agricultural commodities.
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The Indian conglomerate aims to get around 500,000 barrels of cargo of Das Crude from the UAE from RINL, said the source, who is not authorized to speak to the media.
Abu Dhabi National Oil Company (ADNOC), which has leased out part of the strategic petroleum reserve in southern India’s Mangalore, supplied one million barrels of Das crude oil to Reliance in October and two million barrels in November, trade sources data. Get to know from. ,
India has allowed ADNOC to trade oil from the cave.
This month, Indian refiners are halving February-loading Middle Eastern sour crude from multi-month highs seen for January-lifting cargo, trade sources said.
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More supplies come from the Atlantic basin, while the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a grouping known as OPEC+, earlier this month increased production by 400,000 barrels per day in January. decided to continue.
Reliance has bought four million barrels of Das crude for February loading at a premium of around $2 to $2.30 a barrel to Dubai quotes, trade sources said, at a premium of over $5 in the previous month. from below.
He said Italy’s Eni is supplying 1.5 million barrels, while PetroChina has sold one million barrels. RINL, Total and Philips 66 sold 5,00,000 barrels each, sources said.
The refiner last lifted the same volume of Das crude from Abu Dhabi in August, data from Refinitiv showed. There was no immediate comment from Reliance.
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Separately, state refiners Bharat Petroleum Corp and Naira Energy, owned by Russian oil major Rosneft, have bought Oman and Upper Zakum crude for February loading, while Indian Oil Corp’s tender closed on Wednesday.
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