RIL increases domestic sales

“Reliance Group is increasing sales in the domestic market to meet higher demand,” said James Williams, an economist at energy research firm WTRG Economics in London, Arkansas. “Exports aren’t that profitable since demand in OECD countries is weak.”

The Paris-based Organization for Economic Cooperation and Development represents most of the world’s high-income economies such as the U.S., Japan and Germany.

The Mumbai-based energy explorer and refiner sold 20.65 million metric tons of fuels in India in the nine months ended Dec. 31, up from 8.01 million tons a year earlier, according to Bloomberg calculations based on export figures released by the company.

Mukesh Ambani-led Reliance Industries, India’s biggest non-state company, started an export-oriented 580,000-barrel-a-day refinery in December 2008. It’s next to an older plant that can process 660,000 barrels a day. Together, they make up the largest refining complex in the world, according to Reliance.

Reliance in 2009 became one of the top 10 charterers of Aframax tankers to ship petroleum products, according to a report released by Poten & Partners, a shipbroker. Aframaxes can carry 637,500 to 1.02 million barrels of fuels.

Source:http://www.bloomberg.com/apps/news?pid=20601091&sid=ann1GXXxXhuw

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