Billionaire Ambani’s Refinery Makes Millions from War Windfall
- Reliance’s refinery can process almost all varieties of crude
- Conglomerate missed profit consensus on higher tax bill, costs
The Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Russia’s invasion of Ukraine has opened arbitrage opportunities so enticing that Reliance Industries Ltd. deferred maintenance work at the world’s biggest oil refining complex to churn out more diesel and naphtha after prices surged.
The refiner, owned by Indian billionaire Mukesh Ambani, is buying discounted cargoes of crude after self-sanctions on Russian fuels by some European Union companies pushed up margins on some oil products to three-year highs.