Leading the world’s largest refining complex, Reliance Industries Limited increased its oil imports by 1.1% in January, 2015 compared to December, 2014. As per a report of Reuters, it also bought oil from Iraq after a period of four months.
The company had increased the shipments in the previous month so that it could build its inventory when the oil prices were low.
Changes in import in a month
There is a lot of change in imports of Reliance Industries in a month’s time from December, 2014 to January, 2015. The data is given as follows.
Within Latin America, it decreased the import from Brazil from 248 (x1000) bpd to 87.8 (x1000) bpd. From Colombia, there was just a slight shift from 67.0 (x1000) bpd to 67.6 (x1000) bpd while from Ecuador it bought 35.5 (x1000) bpd in January as against no purchase in the previous month.
In Middle East, the purchase from Iraq was 65.7 (x1000) bpd and no purchase in the previous month. The import largely increased from Qatar from 13.8 (x1000) bpd to 80.9 (x1000) bpd while it decreased from Saudi Arabia from 250.4 (x1000) bpd to 197.8 (x1000) bpd.
In Africa, the import decreased from Nigeria from 91.2 (x1000) bpd to 86.2(x1000) bpd. It increased from Angola with 31.3 (x1000) bpd this year from nil in the previous month. In contrast, Reliance Industries did not purchase the oil from Gabon in January, 2015 from which it had bought 30.0 (x1000) bpd, last month.
Overall there was an increase in the import with 1326.9 (x1000) bpd in January, 2015 from 1312.6 (x1000) bpd in December, 2014.
Changes in import in a year
The Mukesh Ambani-led company regularly changes its purchase patterns to earn the maximum revenue. Its January 2015 import was more by 21.8% in comparison to its January 2014 purchase. This is because it had cut runs at the older plants of the company, last year. From 1089.3 (x1000) bpd, the import stepped up to 1326.9 (x1000) bpd in a year.
In January, 2014, Reliance Industries bought 46% from Latin America which changed to 49.5% in January, 2015. The import from Middle East has however decreased from 38% to 36.5% in the same period. Besides, Reliance Industries purchased 14% from Africa which was low at 9%, in the previous year.
Refinery of Reliance Industries
Reliance Industries has established two advanced refineries, both located in Gujarat. These two can jointly process 1.24 million bpd of oil that is around 28% of India’s overall capacity. This is largest in the world that any single location can process.
The Jamnagar refinery of Reliance was built in less than three years. It consists of a petroleum refinery and associated petrochemical plants. It refines many different types of crude oil like sweet crude, sour crude or a mixed version. It also manufactures multiple grades of fuel. The refining complex has 50 units for processing and has been successful in processing over 20 kinds of crude oil in the initial few months, itself.
Summary
The oil imports of Reliance Industries have increased by 1.1% in a month, from December 2014 to January 2015.