Singapore: Reliance Industries Ltd, owner of India’s biggest oil refinery, has hired vessels to ship 3.2 lakh tonnes of crude from Egypt, according to shipbrokers.
Reliance has leased four Aframax tankers since last week to ship 80,000 tonnes of crude oil each from Ras Gharib in Egypt and ship it to its Jamnagar refinery, according to reports compiled by ship brokers.
Egypt produces so-called heavy, sour crude oil that contains more sulphur and is harder to process into petrol and diesel than other grades.
Reliance’s eight-year-old refinery can process a wider variety of crude oil into motor fuels than many other plants. That allowed the refiner to earn $13 from processing a barrel of oil into fuels in the quarter ended 31 March, 66% more than a typical refinery in Singapore.
Reliance spokesman Tushar Pania declined to comment on the hiring of vessels.
Reliance hired the Afroditi to load 80,000 tonnes of oil on 2 June in Ras Gharib and deliver it to Jamnagar, site of the company’s refinery, Seatown Shipbroking Pte Ltd in Singapore said in its market report on Thursday.
The company booked the Kapsali to load 80,000 tonnes of crude on 2 June at Ras Gharib to Jamnagar, Trade Sea Shipbroking Pte Ltd in Singapore had said on 11 May.
The Mumbai-based company booked the Aegean Tiger for $1.11 million to load 80,000 tonnes of crude oil in Ras Gharib on 24 May to Jamnagar, Seatown Shipbroking had said on 7 May.
Reliance also booked the vessel Zuma to load 80,000 tonnes of crude on 24 May to Jamnagar from Ras Gharib, Optima Ship Brokers (Asia) Ltd in Shanghai had said in a 8 May report. Reliance will pay $1.1 million to lease the vessel, the report said.