India’s Reliance June oil imports up 16 pct y/y – trade

Reliance Industries Ltd, owner of the world’s biggest refining complex, shipped in about 16 percent more oil in June compared with a year earlier, according to tanker arrival data from trade sources and ship-tracking services on the Thomson terminal.

Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought 1.28 million bpd last month, an increase of about 6 percent from May.

Last month, Reliance received about 63,100 bpd oil and condensate from Iran. The Indian conglomerate in March resumed purchases from Tehran after a six-year gap. Reliance is looking for long-term supplies from Iran.

The share of Latin American and African oil in Reliance’s overall imports declined in the first half of 2016, as the company shifted away from dated-Brent linked oil to Middle Eastern grades, the data showed.

The share of Middle Eastern crude in Reliance’s overall imports rose to about 59 percent in January-June 2016 from about 42 percent a year ago, the data showed.

During the same period, African grades accounted for about 6 percent of the crude purchased, compared with about 14 percent a year earlier, while the share of Latin American oil slipped to about 33 percent from 43 percent.

Reliance’s two advanced refineries in the western India state of Gujarat can together process 1.2 million bpd of oil, or about 26 percent of India’s overall capacity.

Source: Hellenic Shipping News