RIL to sell fuel directly in US

MUMBAI: Reliance Industries Ltd is looking at selling petrol and diesel from its twin refineries at Jamnagar in Gujarat directly to the United States of America, the world's largest fuel consumer.

"We are in discussions with certain parties in US," said P M S Prasad, head of the company's oil and gas business. "We believe the highest value addition to every molecule is through direct sales and yes we are keen on doing that in US."

RIL is talking to consumers of gasoline (petrol) as well as US fuel marketers who currently have a deficit, he said but did not give details.

The company recently started gasoline trading operations in the US. Its office located in Houston would trade in gasoline both on the US Gulf Coast and New York Harbor market.

Prasad said RIL was in talks with marketers such as Hess who currently have a product deficit.

RIL this month took 1.3 million barrels of clean product storage in the New York Harbor area, the first time ever an Indian firm has taken storage in the US to store and trade petroleum products.

It recently commissioned its clean storage facility at the Ashkelon terminal in Israel to tap Mediterranean and European markets. It has also leased clean oil products storages in Singapore and the Caribbean.

Prasad, however, did not say what volumes was Reliance expecting to sell in the US.