Crude oil prices will remain high in the near term, while petrol supply will increase globally, which will reduce the profit a refiner makes from producing fuel, Reliance Industries, which runs the world’s biggest refining complex at Jamnagar, said.
However, medium-term refining margins will be supported by the global growth in demand and much tougher emission norms for the shipping industry that come into force from 2020, the conglomerate said late on Wednesday in a presentation to analysts after reporting a 17.5% rise in consolidated net profit for the July-September quarter.
It said the business faced headwinds from the US-China trade tensions, currency depreciation in emerging markets and higher price of oil. Also, fewer planned maintenance shutdowns of units globally, would increase the refinery runs, it said. Read more
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