|
Singapore: Reliance Industries, building the world's biggest refinery, is increasing crude oil imports from Saudi Arabia as it seeks to secure supplies because of rising demand for fuels in India and the rest of Asia.
Mumbai-based Reliance, India's biggest company, is boosting purchases by at least 90,000 barrels a day, accounting for 30 per cent of Saudi Arabia's output increase of 300,000 barrels a day this month, P.M.S. Prasad, president of the company's oil and gas business, said in a telephone interview.
The refiner stepped up imports after Saudi Arabia's Oil Minister Ali Al Nuaimi said last month the kingdom is raising output to meet demand from customers.
Demand for fuels in the Middle East and Asia is forecast to rise 25 per cent to 39 million barrels a day in 2015 from 2008, consultant Facts Global Energy said on Tuesday in a report.
"We have been assured of the additional barrels," Prasad said yesterday. Reliance exports gasoline, diesel and jet fuel to Asia, the Middle East, the US, Europe and Africa.
World's biggest refinery
Reliance operates a 660,000 barrel-a-day refinery at Jamnagar in Gujarat, and would start operations at a 580,000 barrel-a-day plant under unit Reliance Petroleum later this year. The combined facility will be the world's biggest refinery, says Reliance.
Refiners in Japan and South Korea are poised to increase crude oil imports in the coming months after annual plant maintenance peaked this month.
"There's an abundant supply of heavy crude but the Saudis are more savvy than others in marketing their crude," said Harry Tchilinguirian, senior oil market analyst at BNP Paribas. "There's also a seasonal element to this as refiners return from maintenance."
Saudi Arabia, the world's biggest oil producer, and the most influential member of the Organisation of Petroleum Exporting Countries, pumps a variety of light and heavy crudes.
Opec, which supplies about 40 per cent of the world's oil, hasn't been able to rein in prices, which doubled in the past year to reach a record $139.89 a barrel in New York on Monday.
|
