Mukesh Ambani is Stepping into Supply Diesel-Starved Europe

Mukesh Ambani is Stepping into Supply Diesel-Starved Europe

Business, News, World Comments Off 14

The global energy crunch spurred by Russia’s invasion of Ukraine is giving the world’s biggest refining complex a much-needed boost.

Reliance Industries Ltd.’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel, according to people with direct knowledge of the matter.

It’s already sending shipments of the fuel to Europe, and this will increase in the coming months, said the people who asked not to be named as the information isn’t public.

The complex in Gujarat state on India’s west coast can process 1.36 million barrels of crude a day from two refineries and is able to export most of the fuel. Owned by billionaire Mukesh Ambani, the 704,000 barrels a day export-focused plant been languishing since the pandemic hit, and only utilized around three-quarters of its capacity in January.

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