Reliance to form US trading arm
India’s Reliance Industries Ltd will soon set up a trading desk in the United States to market fuel from its giant refining complex, a top company official said on Tuesday.
The company recently set up trading desks in Singapore and London. “We’ve always said that we want to be near the market. That’s why we have made our presence in Europe and the Far East. We were in Dubai and now we are in Singapore and London also. Soon we will have one in the US,” the head of its petroleum division, P.M.S. Prasad, told reporters.
The company has sought to strengthen trading operations and secure storage facilities worldwide as it prepares to commission its new 580,000 barrel per day refinery in Jamnagar in western India, which will be geared entirely to the export market. “We will set it up by next year in Houston... we are looking for the right talent,” Prasad said. He said the firm’s existing refinery and the new plant were export focused and would have huge volumes to market.
Reliance is expected within weeks to begin pumping crude through the new refinery, which together with its existing 660,000 bpd plant on India’s west coast, built less than a decade ago, will be world’s biggest refining complex. The new plant is expected to reach full operations by early next year, industry sources say. It recently announced hiring former Shell executives to head the trading arms in London and Singapore. (Reuters)
ADVERTISEMENT
Mapei Targets 6% Higher Revenue This Year
Parliament Negates Mandatory Membership in MOK
Magyar Suzuki to Start Dual Training Courses
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
