India’s Reliance Industries Ltd. has shifted most of its oil traders from Mumbai to Dubai, executing a plan announced in 2021, but which now coincides with the city’s growing stature as a commodities hub after Russia’s war in Ukraine.
Most of the refiner’s oil procurement and trading are now conducted out of the United Arab Emirates’ biggest city, said people familiar with the matter, asking not to be named as they’re not authorized to speak publicly.
While Reliance’s ambitions in Dubai predate Russia’s war, its presence in what has been dubbed new Switzerland means it can more conveniently utilize the growing number of trading, logistics and financing services established to facilitate flows of Russian crude and oil products to buyers, said traders.
A spokesperson for Reliance Industries declined to comment when contacted on the matter.
Reliance Retail expects to become the world’s biggest garment seller by volume in the next two years, driven by growing demand in the most populous market that is not showing any signs of a slowdown, a top executive said.
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