17-04-09 Reliance Industries Ltd. (RIL), India's most valuable company, surrendered the export-oriented unit status of its refinery to sell fuels locally.
The change will enable the refiner to cater to both the local and overseas markets efficiently, Reliance said.

Reliance is creating the world's biggest refining complex at a single location by buying unit Reliance Petroleum, which started a 580,000 bpd refinery in December. The refinery started operating at a time of excess industry capacity and declining earnings from processing oil because of a slump in global demand for gasoline and diesel.
The new plant is adjacent to a 660,000 bpd refinery at Jamnagar in the western state of Gujarat.

A number of new refineries, such as Reliance's Jamnagar installation in India, have increased global capacity, depressing margins as demand declines because of the global recession, Bernstein analysts including Neil McMahon said in a report.
Reliance may sell fuel at its 1,433 stations across India. Theoutlets were mothballed after Reliance was unable to sell gasoline and diesel at prices offered by government-owned refiners, which sold fuels at controlled prices as crude oil soared to a record last year.