Reliance boosts supplies to US; leases 1.2 million barrels storage capacity in Bahamas
06 Mar 2010
Reliance Industries is reported to have leased about 1.2 million barrels storage facility at the Borco Terminal in the Bahamas in its bid to increase supply channels to the American market.
Reliance, which operates a 12.4-million tonne refinery complex - the world's biggest - in Jamnagar, Gujarat, had earlier leased 800,000 barrels of clean storage from American refiner Hess Corp in the New York harbour.
The Borco deal, which was finalised in the second half of 2009, will expand Reliance's fuel supply capacity in the US, the world's biggest market for petro-fuels.
While reports differ on the storage capacity leased by Reliance, trade sources have pointed to a stock build-up of 515,000 tonnes of gasoline in the Bahamas by Reliance by end-January.
Reports quoting trade sources said Reliance began supplying gasoline to the Bahamas storage from October 2009.
Hit by domestic market constraints, Reliance has embarked on a marketing campaign to sell its refined products overseas and has been boosting its supply network in Europe, Latin America and East Africa over the past few years.
Reliance commissioned its clean storage facility at Ashkelon terminal in Israel last year to increase supplies to the Mediterranean and European markets.
