Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Exclusive: India's Reliance seeks to sell Mideast crude cargoes in rare move

share with twitter share with LinkedIn share with facebook
share via e-mail
03/27/2020 | 06:46am EDT
The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar

India's Reliance Industries Ltd is seeking to sell some April-loading crude cargoes in a rare move as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, four sources said on Friday.

The move comes as refiners across the world are considering deeper run cuts at their plants on mounting losses as measures taken by governments to prevent coronavirus from spreading have slashed fuel consumption.

Reliance, controlled by billionaire Mukesh Ambani, has offered various grades of Middle East crude for sale in Asia's spot market, including grades such as Abu Dhabi's Murban crude and Qatar's al-Shaheen crude, the sources said.

"Everything is possible if you are interested," another source said.

Reliance is seeking to sell cargoes already at sea as Indian rules do not allow export of crude oil.

By selling the crude, Reliance hopes to avoid demurrage costs especially as freight rates have risen, said a second source.

The company did not respond to a request for comment.

Reliance operates the world's biggest refining complex with capacity to process 1.4 million barrels per day (bpd) of oil at Jamnagar in western India.

"As of now, the plan is to cut refining throughput in April because demand is not there," the second source said.

The company is also in talks with producers to defer some cargoes, the source said.

Reliance's two advanced refineries, situated next to each other, have the capability to process some of the toughest cheaper grades available in the market.

The refiner sells most products from the 660,000 bpd refinery that focuses on the domestic market through its own retail stations and by sale to state fuel retailers, which dominate India's fuel retail market.

India introduced a 21-day lockdown that began on Wednesday to stem the spread of coronavirus in the country, leading to a drastic fall in local fuel demand. Several Indian refiners have cut refining processing due to the lockdown.

Reliance's other 704,000 bpd plant exports products to overseas markets, where demand is also hit as nations restrict the movement of people to prevent the virus from spreading.

By Florence Tan and Nidhi Verma

Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD -0.53% 1464.4 End-of-day quote.-3.28%
WORLD CO., LTD. -3.03% 1567 End-of-day quote.-41.77%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on RELIANCE INDUSTRIES LTD
05/28Google Explores Vodafone Idea Stake as Part of India Push, FT Reports
DJ
05/28Google considering taking stake in Vodafone Idea - FT
RE
05/25RELIANCE INDUSTRIES LIMITED : - jio platforms has now announced investments of 7..
AQ
05/24India's Reliance launches JioMart online grocery service, challenging Amazon,..
RE
05/22Wall Street ends mixed as China-U.S. tensions weigh
RE
05/22RELIANCE INDUSTRIES LIMITED : - KKR to Invest 11,367 Crore in Jio Platforms
AQ
05/21KKR to Invest $1.5 Billion in Reliance's Jio Platforms
DJ
05/20Inside Facebook and Private Equity's $8.8 Billion Bet on India's Richest Man
DJ
05/20RELIANCE INDUSTRIES : Allotment of Non-Convertible Debentures (PPD Series N)
PU
05/18NEWS HIGHLIGHTS : Top Company News of the Day
DJ
More news
Financials
Sales 2021 5 555 B 73 469 M 73 469 M
Net income 2021 436 B 5 764 M 5 764 M
Net Debt 2021 1 771 B 23 422 M 23 422 M
P/E ratio 2021 21,2x
Yield 2021 0,45%
Capitalization 8 679 B 115 B 115 B
EV / Sales 2020
EV / Sales 2021 1,88x
Nbr of Employees 194 056
Free-Float 47,9%
Chart RELIANCE INDUSTRIES LTD
Duration : Period :
Reliance Industries Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RELIANCE INDUSTRIES LTD
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 1 605,27 INR
Last Close Price 1 464,40 INR
Spread / Highest target 29,7%
Spread / Average Target 9,62%
Spread / Lowest Target -21,5%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RELIANCE INDUSTRIES LTD-3.28%114 783
EXXON MOBIL CORPORATION-34.84%192 257
BP PLC-35.17%75 952
CHINA PETROLEUM & CHEMICAL CORPORATION-23.45%67 249
PHILLIPS 66-29.76%34 174
PTT-19.32%31 867