Reliance took more interest in the country’s retail fuel sector and has opened more than 1,300 service stations.The company operates the China PVC free foam board screw barrel Factory world’s biggest refinery complex at the port of Jamnagar in Gujarat.Reliance’s domestic strategy initially won the backing of investors and the retail fuels group was touted by company Chairman Mukesh Ambani in a speech at its annual general meeting in July.64 trillion rupees ($90. Reliance also said in its results that fewer refinery outages last quarter meant global run rates were high.“We are focusing to produce and sell at every level,” said Reliance’s Srikanth.77 trillion rupees.Under Reliance’s “Oil to Chemicals Journey” strategy the company is seeking to “upgrade all of our fuels to high value petrochemicals” over the next decade.”end-ofTags: reliance industries, shares, revenue, fuel marketLocation: India, Delhi, New Delhi.Beyond IMO 2020 and the Indian fuel price turmoil, the oil industry is threatened by the rise of electric vehicles and alternative fuels that could reduce oil’s use as a transport fuel.
Reliance’s domestic push made sense in an Asian fuel market that is increasingly crowded with new refinery capacity from the Middle East, Southeast Asia and China.Reliance’s shares plunged 6.However, the Singapore margin has dropped by about 50 percent since mid-2017 because of rising crude prices.The decline has pushed Reliance’s market capitalization down to 6.This push into the domestic fuel market may stumble after India’s government imposed cost controls on Oct 4 on petrol and diesel prices to rein in recent record highs.Reliance’s refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan.5 per cent.EXPORT MARKET & IMO 2020Reliance may be better placed to thrive on exports despite the increasing competition in Asia and the Middle East.With a move towards cleaner fuels as part of IMO.
BOB Capital’s Ahuja said Reliance’s gross refining margins could rise by up to $5 per barrel.Refiners are looking at petrochemicals to replace potentially lost demand in the transport sector. “We are not going to let this alter broadly our strategy on retail petroleum.“When prices are cut, you have to effectively match it,” said Venkatachari Srikanth, Reliance’s joint chief financial officer, during their earnings presentation on Oct 17. “Between whether to sell domestically or on bulk, whether we will export, every day is an analysis of which is a better option.The new capacity, combined with soaring crude prices, has eroded profit margins for producing refined fuels.With the domestic market now also under pressure from price controls, some analysts have been spooked.9 per cent on the day of the announcement and are down about 20 per cent since their record close on Aug 28.New Delhi: Reliance Industries, currently India’s second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market.