Reliance’s refinery complex can process almost all types of oil at a rate of almost 1.4 million barrels per day which enables it to profit from price fluctuations. In the present geopolitical scenario, Reliance is set to cash in on cheap Russian oil.
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Bloomberg reports that Indian refining behemoth Reliance Industries has postponed plans for repairs at the world’s largest oil refining facility, citing the company’s desire to churn out more oil based products since profits have lately risen to three-year highs.
Following European consumers’ decision to avoid Russian crude, the business has been acquiring cheap shipments of oil from Russia, causing profits on commodities like diesel and naphtha to climb.
Diesel fuel margins reportedly increased by 71 percent in January-March relative to the previous quarter, whereas gasoline margins increased by 17 percent and naphtha prices increased by 18.5 percent.
Reliance’s refinery complex can process almost all types of oil at a rate of almost 1.4 million barrels per day. The company is said to be noted for its flexibility in oil trading, which allows it to profit from price fluctuations.
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Because EU member states are unable to reach an agreement on the Russian oil embargo, some European buyers have been avoiding Russian crude in recent months. The planned prohibition is part of the EU’s sixth round of sanctions against Russia in response to its military campaign in Ukraine.
Meanwhile, Indian importers are said to have expanded their energy purchases of Russian crude oil and coal at reduced prices, altering their approach away from bids and toward negotiated agreements in order to obtain greater discounts.
Since the military campaign began in late February, Indian state-owned and commercial refineries have absorbed nearly 40 million barrels of Russian oil, according to the media.
Last week, the media claimed that India, the world’s third-largest oil importer, was looking for Russian crude at less than $70 per barrel to help cover extra hurdles, such as obtaining funding for purchases in the face of Western sanctions.