Reliance joins Dubai Mercantile Exchange
Dubai, September 5, 2012
Reliance Industries Limited (RIL), India’s largest oil refiner and private sector enterprise, has become the newest member of the Dubai Mercantile Exchange (DME).
Reliance Industries is DME’s 26th off floor member, and its decision to join comes at a time of continued growth for the exchange, which saw trades pass the 3 billion barrel mark in May this year, said a statement from DME.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasizing the trend of continued growth in Asian oil production.
Welcoming Reliance, DME’s chairman Ahmad Sharaf, said, “Having one of the world's largest energy companies choose DME as its first oil futures market is testament to the position DME occupies as a top energy futures and commodities exchange, providing benchmark for, and gateway into, the fast expanding East of Suez crude oil corridor.'
“RIL's membership comes at a time when, having just marked our five-year anniversary, we are continuing to see sustained growth in trading volumes,' remarked Sharaf.
DME, he said, was the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.
'Adding to our international membership with firms of RIL's scale, helps position us for the next five years, during which we predict the Asian oil market will continue to grow at a rapid pace,' he added.
RIL is the owner of the Jamnagar Refinery, the biggest in India, boasting the largest crude processing capacity at any single location in the world, with 1.24 million barrels processed per day.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of 'World's Largest Corporations' and ‘World’s Top 100 companies’, ranking 99th in terms of revenues and 130th in terms of profits in 2012.-TradeArabia News Service