Reliance Industries Ltd.

Reliance Industries has posted 13.2% fall in its oil import in May as compared to same month previous year, as it shut a crude unit at its 580,000-barrel-per-day (bpd) refinery for three weeks. Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought 1.15 million bpd last month, a decline of 4.5 per cent from April.

In May, the company received about 98,700 bpd oil and condensate from Iran after skipping purchases from Tehran in the previous month. The Indian conglomerate in March resumed purchases from Tehran after a six-year gap. Reliance is looking for long-term supplies from Iran.

The share of Latin American and African oil in Reliance’s overall imports declined in the first five months of 2016, as the company shifted away from dated-Brent linked oil to Middle Eastern grades. The share of Middle Eastern crude in Reliance’s overall imports rose to 59 per cent in January-May 2016 from about 43 per cent a year ago.