Reliance Industries posts 86 pc rise in Q1 exports

Mumbai, July 20 (UNI) Reliance Industries Ltd (RIL) has posted an 86 per cent increase in the exports for the quarter ended June 30, 2006 at Rs 13,270 crore as against Rs 7,144 crore in the comparable quarter of the previous fiscal.

During the period under review, the company said value-wise its export of refined products touched USD 2.26 billion demonstrating RIL's capability of service to developed markets across the globe, while quantum-wise it exported 3.5 million tonnes, including diesel and gasoline.

RIL's gross margins on refining - which contributes to 67 per cent of the company's revenues - were at USD 12.4 a barrel in the fiscal's first quarter ended June 30, 2006, higher than the benchmark Asian margins. The company maintains that the refining margins are expected to remain strong.

It processed 7.51 million tons of crude oil in the quarter, operating its Jamnagar refinery at 91 percent of its 6.60 lakh barrel-per-day (bpd) capacity, earning better margins than elsewhere in the region because it can use cheaper, low-grade crude to produce premium products.

However, the company lost market share in petrol and diesel where it competes with state-firms that have dominated fuel retailing for decades, and some units of the refinery were shut for 14 days in May for maintenance.

UNI SN GB AG1339