Reliance leases 1.2 mln bbl storage in Bahamas

Reliance Industries has leased about 1.2 mn barrels of clean storage at the Borco Terminal in Bahamas as it seeks to increase its presence in the United States, according to sources. Reliance, which operates the world's biggest refining complex, aims to directly sell fuel in the U.S., the world's biggest oil consumer, and had earlier leased 800,000 barrels of clean storage from American refiner Hess Corp in the New York harbour. 
Reliance last year began shipments to the U.S., after it started its 580,000 barrels per day refinery, located next to its old 660,000 bpd refinery at Jamnagar in Western India. Reliance has, over the past few years, embarked on a robust marketing campaign to sell its refined products in Europe, Latin America, East Africa and the U.S. 
Tougher new carbon emissions limits in the U.S. and lower profitability may cause already limited refining capacity in the country to shrink further as more U.S. companies consolidate their crude processing plants. Last year, Reliance commissioned its clean storage facility at Ashkelon terminal in Israel to tap Mediterranean and European markets.