Boosted by record refining margins, India's top private sector oil firm, Reliance Industries Ltd. is expected to report a 26% surge in quarterly profits. The upswing in its refining margins is set to despite a 45-day-refinery shutdown that started early this month.
It is estimated Reliance's refining margins rose to US$12 a barrel in the quarter ended Sept. 30, from $11 in April-June, on higher exports to the United States, where hurricanes had shut down refineries in August and September. Reliance runs a 660,000 bpd refinery that has the ability to take cheap, heavy sour crude to make high-quality products, earning more than half of its profits. Reliance continues to get a premium higher than Singapore on its refining margins because of its better technology and expertise to process the heaviest of the crudes.
This quarter has also seen higher prices of petrochemicals products.
26-Oct-05 
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