Reliance Exports From India Rise as Jet Fuel Shipments More Than Triple

Fuel exports by Reliance Industries Ltd. (RIL), India’s largest publicly traded company, climbed at least 15 percent in May as the owner of the world’s biggest refining complex more than tripled jet fuel shipments.
The Mumbai-based company, controlled by billionaire Mukesh Ambani, shipped at least 2.3 million metric tons of oil products from its Jamnagar facility in western India last month, up from 2 million tons in April, according to ship-tracking data compiled by Bloomberg and vessel fixtures from Clarkson Research Services Ltd.
Reliance exported at least 410,000 tons of aviation fuel, compared with about 120,000 tons a month earlier, according to transmissions captured by AISLive on Bloomberg and data from Clarkson Research, a unit of the world’s biggest shipbroker. Prices for jet fuel in Europe, which took 85 percent of the cargoes, climbed to the highest in 32 months in April as fighting in Libya reduced supplies.
Manoj Warrier, a spokesman for Reliance in Mumbai, didn’t respond to an e-mail seeking comment. All figures from Clarkson are for single-voyage bookings and exclude long-term charters. Shipbrokers aren’t obliged to report charters so the scope of data capture can vary from month to month.
10/06/11 Pratish Narayanan/Bloomberg

To Read the News in full at Source, Click the Headline

Categories: Foreign Jun 2011, Indian Aviation- In General Jun 2011