India’s largest oil refinery Reliance starts trading in Singapore: Bloomberg

As a springboard to Indonesia and Australia.

A report by Bloomberg reveals that India’s largest oil refinery, Reliance, has started trading in Singapore this month.
The Mumbai-based company currently trades products including naphtha and fuel oil from the Indian city, according to Mike Omar, the head of Reliance Global Energy Services Ltd. The Singapore unit has joined the trade ministry’s Global Traders Programme, which offers lower tax rates to businesses that set up trading operations in the country, he said.

“Singapore will have its own trading book,” Omar said in response to questions by phone today. “We’re looking to grow the manpower size over time. The increase will be dependent on the growth of the portfolio.”

Reliance will lease storage facilities in Singapore to blend gasoil, or diesel, and gasoline to supply the Southeast Asian and Australian markets, according to Omar. Singapore is Asia’s biggest oil-trading center.

Reliance, which operates the Jamnagar refining complex in western Gujarat state, with a total capacity of 1.24 million barrels a day, also exports gasoline to the U.S. The company will continue to trade crude and fuels from Mumbai, Omar said.

Here’s more from Bloomberg.

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