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Sukrit Vijayakar, director of Indian oil consultancy Trifecta said the government move could “be disastrous for Reliance.”. The retail move puts Reliance into competition against government controlled refiners like Bharat Petroleum Corp (BPCL.NS), Hindustan Petroleum Corp (HPCL.NS) and Indian Oil Corp (IOC.NS), the country’s biggest refiner. Reliance’s domestic strategy initially won the backing of investors and the retail fuels group was touted by company Chairman Mukesh Ambani in a speech at its annual general meeting in July.
Between January and August, Reliance's shares soared 45 percent, far outpacing the state-owned refiners as well as India's main stock index, the Nifty 50 .NSEI, which gained 12.5 percent, But rising crude prices LCOc1, which jumped from under $70 per barrel in early 2018 to around $85 in early October, and a tumbling rupee INRUSD=R combined to push domestic fuel prices to records, undermining Reliance’s retail strategy despite some relief from a dip in crude prices in recent weeks, Still, Rohit Ahuja, senior vice president of India’s BOB Capital Markets, which has a buy rating on Reliance, said signs of an “oil price shock” in India were bulgari cufflinks “already visible.”..
Reliance may gradually mothball its retail stations because of the cost controls, said Macquarie Capital Ltd Analyst Aditya Suresh in a note on Oct. 5, though the bank expects no meaningful impact on its earnings. Reliance may be better placed to thrive on exports despite the increasing competition in Asia and the Middle East. The company operates the world’s biggest refinery complex at the port of Jamnagar in the western Indian state of Gujarat. The first Jamnagar plant can process 663,000 barrels per day (bpd) of crude while the second site can process another 709,000 bpd.
Reliance’s refining margins last quarter were at a premium of $3.40 per barrel over the average Singapore margin, the benchmark for Asia, However, the Singapore margin DUB-SIN-REF has dropped by about 50 percent since mid-2017 because of rising crude prices, Reliance also said in its results that fewer refinery outages last quarter meant global run rates were high, Still, Reliance’s refineries benefit from being among the most modern in the world, Several units process residual fuel oil, the leftovers after crude oil is initially refined, into bulgari cufflinks higher-value gasoline and distillate products as well as remove pollutants such as sulfur..
That ability to cut its high-sulfur fuel oil output to nearly nothing while maximizing its diesel fuel output gives Reliance an advantage as the International Maritime Organization (IMO) will require new low-sulfur fuel oil used in ships starting in 2020. “IMO regulations are positive because of our mid-distillate configuration,” said Reliance’s Srikanth. With a move toward cleaner fuels as part of IMO, BOB Capital’s Ahuja said Reliance’s gross refining margins could rise by up to $5 per barrel.
Beyond IMO 2020 and the Indian fuel price turmoil, the oil industry is threatened by the rise of electric vehicles and alternative fuels that could reduce oil’s use as a transport fuel, Refiners are looking at petrochemicals to replace potentially lost demand bulgari cufflinks in the transport sector, “If I have to look at it from a ‘oil demand hit from electric vehicles’ perspective, it’s going to be petrochemicals that’s going to survive for them (Reliance) beyond ten years,” said Ahuja..
Combined, Reliance’s refining and marketing group along with its petrochemicals division contribute more than 90 percent of the overall company revenues, its latest annual report showed. Under Reliance’s “Oil to Chemicals Journey” strategy the company is seeking to “upgrade all of our fuels to high value petrochemicals” over the next decade. “We are focusing to produce and sell at every level,” said Reliance’s Srikanth. “Between whether to sell domestically or on bulk, whether we will export, every day is an analysis of which is a better option.”.
TOKYO (Reuters) - The Bank of Japan is considering tweaking its bond buying operations to allow the government debt market to better reflect fundamentals, people familiar with bulgari cufflinks the matter said, following years of heavy central bank buying in the sector, The proposed changes, which focus on the way the BOJ times its bond purchases, would be aimed at reviving a market that many participants say has been heavily skewed by central bank buying, While the central bank is in no rush to put such changes into place, sources say it will scrutinize market moves to ensure they are stable and that any tweaks it makes won’t trigger excessive volatility..