Reliance eyes first oil cargo from UAE trade arm in Dec

Reliance Industries Ltd, operator of the world’s biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said.

Billionaire Mukesh Ambani-backed Reliance group in October announced plans to set up Reliance International Ltd (RINL) to trade in crude oil, petroleum, petrochemical products and agricultural commodities.

The conglomerate aims to get about a 500,000 barrels cargo of United Arab Emirates’ Das crude from RINL, said the source, who is not authorised to speak to media.

Abu Dhabi National Oil Co (ADNOC), which has leased part of the strategic petroleum reserve at Mangalore in southern India, supplied 1 million barrels of Das crude from the cavern to Reliance in October and 2 million barrels in November, data from trade sources show. India has allowed ADNOC to trade oil from the cavern.

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