Reliance Industries sells 2013 gasoil, jet fuel at high premiums

SINGAPORE Wed Jan 2, 2013 6:18pm IST

A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012. REUTERS/Vivek Prakash/Files

A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

SINGAPORE (Reuters) - Reliance Industries (RELI.NS) has finalised its 2013 term contracts to supply gasoil and jet fuel to several buyers and is negotiating with a few more, all at levels higher than those of most other refiners, industry sources said.

It has completed a 500 ppm sulphur gasoil contact with at least one buyer at premiums close to $2.70 a barrel to the new benchmark Middle East quotes and a 10 ppm sulphur diesel contract at premiums of about $4.30 to $4.50 a barrel, the sources said on Wednesday.

The gasoil cargoes will be priced off the 500 ppm sulphur gasoil quotes instead of the current 5,000 ppm, in line with a shift in benchmark by pricing agency Platts, which comes into effect in January.

For jet fuel, the Indian refiner has concluded its 2013 term contracts at premiums of about $2.40 to $2.50 a barrel, the sources said.

Details on exact volumes and buyers were not immediately available.

The refiner is likely to continue negotiations with several other companies, especially for the 500 ppm sulphur gasoil, traders said.

(Reporting by Jessica Jaganathan; editing by Jane Baird)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage