04OCT2019 - NEWS - Reliance refining margins rise 30% as IMO benefits set in

Reliance Industries (RIL) gross refining margins (GRMs) have risen around 30% sequentially in the July-September quarter. The company, one of the most complex refiners globally, is seen as the biggest beneficiary in Asia of the impending International Maritime Organisation (IMO) regulations.

RIL’s refinery has the complexity of 20, which means it can break the heaviest of crude into sweet crude saving on price due to light heavy differentials and increased demand from the shipping companies.