New Delhi / Singapore: Reliance Industries, operator of the world’s largest refining complex at Jamnagar, aiming to get the first oil cargo from trading unit’s new Abu Dhabi in December, sources familiar with the matter.
Billionaire Mukesh Mukesh’s Reliance Reliance Group in October announced plans to set up Reliance International for trade in crude oil, petroleum, petrochemical products and agricultural commodities.
Conglomerate aims to get about 500,000 barrels of crude oil cargo from Rinl the United Arab Emirates, said the source, who was not authorized to speak to media.
Abu Dhabi National Oil Co (ADNOC), who had rented part of the Strategic Petroleum Reserve in Mangalore in South India, to supply 1 million barrels of crude oil to rely on the watershed of the cave October and 2 million barrels in November, data from Trade Sources.
India has allowed ADNOC to trade oil from the cave.
This month, Indian refiners photographing for loading in February, the Middle East after the crude oil spot premiums halved from multi-month highs seen for cargo lift in January, trade sources said.
There is more supply from the Atlantic Basin, while the organization of oil exporting countries of the earth and their allies, a group known as the OPEC +, decided earlier this month to continue to increase output by 400,000 barrels per day in January.
Reliance has bought 4 million barrels of crude oil a watershed for February loading at a premium of about $ 2 to $ 2.30 per barrel to quotes Dubai, trading sources said, down from a premium of more than $ 5 in the previous month.
Italian ENI supply 1.5 million barrels, while PetroChina has sold 1 million barrels, they said.
Rinl, total and Phillips 66 each sold 500,000 barrels, the sources said.
Last refiner raised the volume of crude oil a similar watershed of Abu Dhabi in August, the data showed refinitiv.
There are no immediate comment available from Reliance.
Separately, state refiner Bharat Petroleum Corp and Nayara Energy, part owned by Russia’s Rosneft major Rosneft has bought Oman crude oil and Upper Zakum for loading in February, while Indian Oil Corp has a tender closing on Wednesday.