The worldwide energy shortage caused by Russia’s invasion of Ukraine is providing a much-needed boost to the world’s largest refining complex. Reliance Industries Ltd.’s Jamnagar refinery is increasing crude processing and delayed planned maintenance to take advantage of rising diesel demand. It is already shipping the fuel to Europe, and this will rise in the coming months.
The facility, located on India’s west coast in Gujarat, can process 1.36 million barrels of crude per day from two refineries and export the majority of the fuel. The 704,000 barrels per day export-focused factory has been idle since the pandemic struck, with only around three-quarters of its capacity used in January. But now, processors like Reliance are well-positioned to take advantage of the so-called arbitrage trade.
Some Asian refineries are considering exporting diesel as the price of the fuel rises in Europe as a result of Russia’s invasion of Ukraine. Prices have soared to as much as US$ 139 per ton over those in Asia, compared to less than US$ 10 for the most of previous year.
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