An informed source said, company India’s Reliance Industries, which operates the world’s largest oil refinery complex in Ghumnagar in western India, is looking to receive the first oil shipment from its new Abu Dhabi-based trading unit in December.
The Reliance Group, backed by billionaire Mukesh Ambani, announced in October its plans to set up a unit of Reliance International Ltd. to trade crude oil, petrochemical products and agricultural commodities.
The source said that the Indian group hopes to obtain a shipment of about 500,000 barrels of Das crudeEmirati from its new unit.
Data from commercial sources showed that company Abu Dhabi National Oil (ADNOC), which leased part of the strategic oil depot in Mangalore in southern India, received 1 million barrels of Das crude from the depot for Reliance in October and 2 million barrels in November.
India allowed ADNOC to trade oil from the depot.
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