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RIL keen on Cairn crude for Jamnagar SEZ refinery

Reliance Industries Ltd. | Refineries | Oil & Gas | BSE: 500325 | NSE: RELIANCE

07 Mar 2012 Evaluate

Reliance Industries wants to buy CairnIndia's Rajasthan crude oil for processing at its only- for-exports Jamnagar refineryin Gujarat and has approached the government for its approval nod for the same.RIL currently buys 80,000 barrels per day (bpd) or 4 million tonnes year crudefrom Rajasthan, that it processes at its old 33 million tonnes a year domestictariff area (DTA) refinery on the West Coast. Ithas now applied to the government to buy another 30,000 bpd of Cairn crude forturning it into fuel at its 29 million tonnes SEZ (Special Economic Zone)refinery adjacent to the old unit. Any sale to a SEZ oronly-for-exports unit is considered outward shipment or exports out of India.The current policy does not allow export of domestically produced crude oil.

Cairn currently produces 125,000 barrels perday from Mangala oilfield, the largest find in the Rajasthan block. Another 20,000bpd is produced from Bhagyam fields. Mangala can go up to 150,000 bpd or 7.5million tonnes a year anytime now while Bhagyam has an approved peak of 40,000bpd and can go up to 60,000 bpd with more investments. Cairn currently sells 15,000-20,000bpd to state-owned Indian Oil Corp (IOC) and another 30,000-40,000 bpd to EssarOil. RIL's refinery complex at Jamnagar, consisting of the old DTA refinery andan SEZ unit, are connected by a heated pipeline to the Mangala field inRajasthan.

Rajasthan crude is very heavy with API gravity between 25-30. Also, waxiness ofthe crude turns it into solid at room temperature. Transportation of theRajasthan crude therefore, requires special heating arrangements in thepipeline to keep the crude in a liquid form. Most Indian domestic refinerieslack the configuration to process Rajasthan crude due to its quality. Othersface logistical issues. RIL's SEZ refinery, which is designed to process farheavier crudes, is unable to use Rajasthan crude as the same has beenclassified as a restricted item under the current Foreign Trade Policy (FTP)provisions. The unit has, therefore, sought approval of the BoA for theimporting crude oil from Cairn India.

Reliance Industries Share Price

1365.10 21.65 (1.61%)

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RIL keen on Cairn crude for Jamnagar SEZ refinery

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