subject: Ril Helps India Become Export King [print this page] India has surpassed South Korea to become the largest petroleum products exporter in Asia. With the commissioning of a new refinery by Reliance Industries at Jamnagar and Essar Oil increasing refinery output at Vadinar, India overtook South Korea by mid-2009 and has since then consistently maintained the lead position.
EXPERTS SHOW:
Gross Export Refining Capacity (million b/d)
India 1 3.69
South Korea 0.9 2.86
China 0.6 9.6
Japan 0.5 4.64
According to the data compiled by oil and metal information provider Platts, India's gross exports currently average 1 million barrels a day, inching past South Korea which exports 0.9 million barrels a day which shows us that India's average petroleum products export has grown from 0.77 million barrels a day in January 2009 to one million barrels a day in August 2009. In the current year, the average oil products export from India stands at 1.07 million while South Korea exports average 0.88 million.
Both Reliance Industries' Jamnagar and Essar's Vadinar refineries contribute more than 90 per cent of the petroleum products exports while the rest is by public sector oil companies, said Ms Vandana Hari, Asia Editorial Director, Platts.
According to her, petroleum products exports from India holds great potential as both RIL and Essar have high complexity refineries which make products that meet Euro IV and Euro V standards. Europe, the US and Africa are identified major markets for Indian refiners.
The surging demand for petroleum products abroad is also quite evident from the growth in the export volumes of both RIL and Essar. RIL alone exported 32.8 million tonnes of refined products last fiscal, fetching a revenue of $20.9 billion (Rs 1,10,176 crore).
And with the demand rising exponentially, it does not come as a surprise that the new Reliance Petroleum refinery in the Special Economic Zone (SEZ) at Jamnagar, which is designed to be export-oriented, is estimated to be exporting more than 80 per cent of its total output.
It is proven yet again that it is not necessary that every company would plateau with age. RIL being the ideal example is growing by leaps and bounds every single day, flying high while silencing cynics across the nation. With their actions being pretty decisive for the Indian economy, RIL without a doubt has become the face of business India.
