India’s Reliance Industries profit off of Russian oil
Posted on July 25, 2022
Key Indian refiner Reliance Industries (Reliance) have reported consolidated revenue from its oil-to-chemicals business by a whopping 56.7% to INR1.62 trillion (USD20.82 billion), stemming from intakes of discounted Russian crude oil and fuel exports. Borealis/Axpo Nordic tie-up for wind energy for Swedish plant. Teijin to deploy power cogeneration at Japanese facility. Elix Polymers Spanish plant to use electricity consumption from renewable sources. Wanhua Chemical partners with Agilis for digital portal for TPUs. Mitsubishi Power completes mega power plant in Thailand. Air Liquide, Chevron, Keppel, and PetroChina to explore CCUS in Singapore. NextChem awarded EUR194 mn grant for Italy’s waste-to-hydrogen project. Azeri Central East drilling platform installed in the Caspian.Ineos awards contract to Atkins for low-carbon hydrogen plant at Grangemouth. (EOG) Asia, which has been online since 2014, is a leading online source of industry-specific news and information. It covers key development updates, such as discoveries, exploration and drilling, deepwater and subsea production, and so on. The waste-to-hydrogen project in Italy received a 194 million euro grant from NextChem. EOG FacebookIndia’s Reliance Industries profit off of Russian oil
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Key Indian refiner Reliance Industries (Reliance) have reported consolidated revenue from its oil-to-chemicals business by a whopping 56.7% to INR1.62 trillion (USD20.82 billion), stemming from intakes of discounted Russian crude oil and fuel exports.
The group owned by billionaire Mukesh Ambani emerged as one of the key buyers of cheaper Russian crude after some Western buyers shunned it following Moscow’s invasion of Ukraine in late February.
This also led to Reliance’s boosted fuel exports, especially to European countries grappling with shortages due to the sanctions on Russian oil.
“Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins,” Ambani said.
Refining margins for diesel, petrol, and jet fuel in Asia hit a record high this past June.
Reliance, which produces gas from a block in the country’s east coast, said it also benefited from a revision in local prices and expects higher local prices from October.
