Reliance Industries Ltd. is raising sales from the world’s biggest refining complex, helping boost profit from crude processing and beating rivals including Asia’s largest refiner China Petroleum & Chemical Corp.
Reliance Industries Ltd. , India’s largest listed company, doubled fuel exports from the world’s biggest refining complex last month as it boosted gasoline shipments to the U.S. ahead of the driving season.
The U.S. government has offered to help India get alternative supplies for Iranian crude as it looks to squeeze the Persian Gulf producer’s oil revenue, according to three people with knowledge of the matter.
India spent the past five years cutting its Iranian oil imports to comply with international sanctions. Now, Asia’s second-largest energy user needs the curbs to ease as fighting threatens its supply from Iraq.
Refiners in Japan are holding off from signing oil-supply contracts from Iran, four people with knowledge of the talks said, while China International United Petroleum & Chemical Co. agreed to most terms of a 2012 deal with the Islamic republic, according to three other people.