In a bid to expand its presence as well as ramp-up sales in Europe, Reliance Industries Ltd. (RIL) recently set-up a two-person trade desk in London, and is all set to buy oil storage capacity in the southern European Island, Malta.
The oil demand in Europe is showing signs of picking up after a dry period due to recession. Reliance Group intends to sell its surplus products in the European market via the new outlet.
The new outlet may sell RIL’s production from the new 580,000 barrel-a-day Jamnagar II plant. Moreover, many of the European and U.S. refineries are planning shutdowns during winter. Reliance Group is looking forward to leverage this opportunity to sell its products.
Reliance is the biggest export-oriented refiner in India. In April, the company ended Jamnagar refinery’s only-for-export status and started selling products within India.
Two of the company’s employees are expected to soon join the trade desk in London.
Labels: Jamnagar Refinery, Reliance, Reliance Industries Limited, RIL