The Silicon Review
18 October, 2018
Reliance Industries has taken a firm decision to halt imports of Crude oil from Iran. The decision was made after the US involvement in Tehran’s oil sector.
From November, the US will impose new sanctions on Iran’s oil sector. The step is taken in order to avoid any kind problems from the on-going conflict in Syria and Iraq.
According to a Reliance official, V.Srikanth, the company has increased the oil purchase from other Middle Eastern countries and the US to make up the loss caused by Iranian barrels and Venezuelan oil imports.
According to a report, the company’s decision to stop importing oil from Iran came after an advisory from its insurers.
In September, Reliance Industries imported oil barrels (2 million) from Iran, tracking shipment data from sources showed.
The plants that Reliance Industries have in Gujarat have the potential to process 1.4 million barrels of oil a day and have the capability to convert bad crude oil into high- value refined products at lower costs.
On Wednesday, the company had a record profit from July to September. According to Reliance Industries, the reason behind strong flow cash in their business is because of their integrated refining and petrochemical business.
During September, the company exported 10.1 million tonnes of refined products compared to last year’s 11.2 million tonnes.
Reliance Industries has 1,325 fuel stations. But the prices of gasoil and gasoline is more than state fuel retailers in the retail fuel stations
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