Financial Daily
from THE HINDU group of publications
Tuesday, August 29, 2000
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Financial Daily from THE HINDU group of publications Tuesday, August 29, 2000 |
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RPL starts diesel exports
Our Bureau
MUMBAI, Aug 28
RELIANCE Petroleum Ltd (RPL) has entered into a deal to export three parcels of diesel through an European oil company.
The deal, according to market sources, was the country's first diesel exports. Each parcel was about 30,000 to 35,000 tonnes.
Prices and other details could not be known. However, sources close to RPL confirmed that the company had started exporting diesel.
``The Indian market is seeing a diesel glut while the demand in the international markets has increased,'' said a public sector oil company official.
The Union Ministry for Petroleum and Natural Gas had reportedly indicated that it may not be possible to market the entire diesel production in the domestic market. Refining companies now had the option to either export or cut crude throughput, sources s
aid.
Till last year, India was importing about 10 to 15 million tonnes of diesel, sources said.
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