Mukesh Ambani is planning for a big move in oil sector! Know the plan of Reliance Industries
New Delhi: Reliance Industries Chairman Mukesh Ambani is once again making headlines. India’s Reliance Industries Ltd (RELI.NS), which operates the world’s largest refining complex, is restructuring its trading operations. As part of this plan, the company is relocating most of its Dubai crude oil trading team back to Mumbai, according to two sources familiar with the matter, reported Reuters.
The relocation of its crude trading team is expected to be completed by the end of this year, following the private refiner’s acquisition of long-term oil supplies from Russia. This development has diminished the necessity for purchasing spot cargoes, according to one of the sources who requested anonymity due to the confidential nature of the information.
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