Mukesh Ambani is stepping in to help Europe meet its fuel needs The worldwide energy shortage caused by Russia’s invasion of Ukraine is providing a much-needed boost to the world’s largest refining complex.
According to people with first-hand knowledge of the situation, Reliance Industries Ltd.’s Jamnagar refinery is halting crude processing and delaying scheduled maintenance to take advantage of rising diesel demand. It is already shipping petroleum to Europe, and this will rise in the coming months, according to sources who did not want to be identified as the inf.
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The facility, located on India’s west coast in Gujarat, can process 1.36 million barrels of oil per day from two refineries and export the majority of the fuel. The export-focused factory, which has a capacity of 704,000 barrels per day and is owned by billionaire Mukesh Ambani, has been idle since the epidemic struck, with only about three-quarters of its capacity used in January.
Reliance has a lot of flexibility in terms of crude feedstock ratio and yield changes, and it exports 80% of its production, said Senthil Kumaran, head of South Asia oil at industry consultancy FGE. “In today times of very high margins, that offers it the most profit.”
Mukesh Ambani is stepping in to help Europe meet its fuel needs
Some Asian refineries are considering exporting diesel as the price of the fuel rises in Europe as a result of Russia’s invasion of Ukraine. Prices in the United States have climbed to a premium of up to $139 per ton above those in Asia, compared to less than $10 in Asia.
According to the sources, Reliance had intended to shut down one of its crude processing operations in Jamnagar for around three weeks beginning this month, but that has now been pushed back to September. According to figures from India’s oil ministry, the export-oriented facility barely utilised 74.7 percent of its capacity in January.
Reliance Energy Ltd., which is 49 percent controlled by Russia’s Rosneft Oil Co. PJSC, also has a refinery at Jamnagar and exports petroleum, but in considerably smaller quantities than Reliance. The large, state-owned corporation