Published on June 2, 2014
Reliance Industries has decided to increase imports from Africa ans reduce dependence on the Middle East in order to benefit from the shifting global oil flows.
African and Latin American crude account for 56 per cent of Reliance's imports, which have become cheaper reduced purchases by the US. Crude from the Middle East, on the other hand, is expensive due to the growing demand from regional refinery expansions.
By reducing crude costs, the company hopes to curb the fall in its refining margins.
