Latest news with #Reliance
Time of India
an hour ago
- Business
- Time of India
Reliance in focus as EU warns refiners using Russia oil
The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
Time of India
6 hours ago
- Business
- Time of India
Ambani's Reliance in focus as EU warns refiners using Russia oil
The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Leadership Others PGDM Finance others Healthcare CXO Operations Management Public Policy Artificial Intelligence healthcare Data Analytics Degree Project Management Digital Marketing Data Science Management Technology MCA Product Management Design Thinking Data Science Cybersecurity Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. Live Events According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
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Business Standard
6 hours ago
- Business
- Business Standard
RIL's oil procurement under scrutiny as EU warns refiners using Russia oil
While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives Bloomberg By Yongchang Chin, P R Sanjai and Rakesh Sharma The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties. Separately, people familiar with Reliance's import plans said the company has begun seeking to diversify its crude purchases away from Russia, its single-biggest source of oil so far this year. The people asked not to be identified as they aren't authorized to speak publicly. A company spokesman wasn't immediately available to comment on the matter when contacted during regular working hours. Reliance, a mega refiner owned by billionaire Mukesh Ambani, and other Indian processors have been among the world's top beneficiaries of Moscow's war in Ukraine. Europe shunned Russian crudes soon after the 2022 invasion, leading to deep cargo discounts that enticed Indian refiners to crank up opportunistic buying for production of fuels such as diesel, which it resold to western customers. According to ship-tracking data compiled by Kpler, Russia has supplied almost half of Reliance's crude imports so far this year. In turn, around one-fifth of the processor's total product exports were sold to Europe. The process of refining Russian crude into diesel for sales into Europe has put Reliance in the line of fire of EU's latest pressure on Moscow, with the ban set to take effect Jan. 21 next year. While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives from places such as the Middle East. Still, it's unclear how the mega refiner will source close to 600,000 barrels a day of crude from other producers, and at what cost, they added. So far, the South Asian nation has been critical of latest EU sanctions, with India's Foreign Secretary Vikram Misri on Tuesday saying that there was a need for 'balance' when secondary sanctions are imposed on the purchase of Russian oil and gas.
Time of India
15 hours ago
- Automotive
- Time of India
‘Aundh Pattern' planned to rehaul traffic management
1 2 3 4 5 6 Pune: The police plan a slew of changes in Aundh to ease the worsening traffic situation on key routes in the area, especially focusing on choke points caused by the presence of commercial establishments. If successful, this "Aundh Pattern" will be replicated across the city, additional commissioner of police Manoj Patil stated on Tuesday. Among planned measures, police will check if changing exit gates of Westend and Reliance malls, clearing encroachments at junctions, and installing a traffic signal at Medipoint Hospital Chowk will smoothen vehicular flow on Mahadji Shinde Road, New DP Road, and Nagras Road, Patil said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Patil was speaking on the issue of traffic and encroachments at a meeting of Aundh residents, police personnel, and officials from Pune Municipal Corporation (PMC) at the Swargiya Gopinath Munde Sabhagruha in the area. Representatives of schools in the area and commercial establishments were also present at the gathering. The senior police officer also said similar studies will be conducted around all major commercial establishments contributing to traffic issues in the city. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Furthermore, such establishments will be expected to provide a traffic warden to manage vehicles in their vicinity, who will be trained by the police, said Patil. Aundh residents have long highlighted the area's worsening traffic situation. A Wireless Colony resident said, "We face daily traffic jams due to the presence of entry and exit gates of two malls on Mahadji Shinde Road. It turns into a complete gridlock on weekends. The congestion makes it hard for even ambulances to reach us. Autos and taxis meander for customers, reducing the already narrow carriageway width. Residents are frustrated. " Many who live here complained about encroachment and irregular parking on the road joining Ambedkar Chowk and Medipoint Chowk, leading to traffic jams. "The entire area has been taken over by hawkers. There are multiple T-junctions on different roads, and all these are choked during peak hours. Except for Parihar Chowk, there is no signal on any of the chowks, making it hard to navigate these spots," said another resident. Local political activist Madhukar Musale, who organised the meeting, said there is a need to permanently solve the area's encroachment issue. "Many roads are shown wider on the PMC development plan (DP) but are narrow in reality. This needs to be corrected. Secondly, some roads are extremely narrow and, considering the population growth, need to be widened urgently. Illegal hawkers must be removed. No-parking should be implemented in some places, while others should have the P1/P2 facility," said Musale. Residents, including several women, highlighted the need for better police presence at Ambedkar Chowk, especially post-sunset. Patil agreed, saying, "I have asked the area traffic police inspector to conduct a feasibility study. We are most likely planning to change exits for both malls. In many places in the city, improper entry and exit points create traffic problems on roads. Establishments should not have exits on the main road. In the future, wherever we see a need, we will address it. Secondly, I want to suggest that establishments provide wardens to assist the police, because they contribute to traffic snarls. I have instructed the traffic DCP to assess this angle. We are not talking about small vendors or shops, but large establishments that attract thousands of people and vehicles. As they benefit from the city's facilities, they should contribute to decongesting it." Regarding the issue of school vehicles parked on roads causing bottlenecks, Patil said there can be no blanket rule to park these inside as the safety of students is paramount. "Wherever feasible, we request schools with large spaces to allow school buses to park inside. Sometimes, it's not possible as if you have a small ground and all students exit through the same gate, parking vehicles inside can create an issue," he said. The officer added that if wedding halls cause issues, they should also provide wardens. "Since they profit from their operations, they should contribute to civic solutions. If they disrupt traffic, they should help the police with traffic management and voluntarily come forward for this," said Patil. He mentioned that the police can provide training and a badge to such wardens from commercial establishments. Pune: The police plan a slew of changes in Aundh to ease the worsening traffic situation on key routes in the area, especially focusing on choke points caused by the presence of commercial establishments. If successful, this "Aundh Pattern" will be replicated across the city, additional commissioner of police Manoj Patil stated on Tuesday. Among planned measures, police will check if changing exit gates of Westend and Reliance malls, clearing encroachments at junctions, and installing a traffic signal at Medipoint Hospital Chowk will smoothen vehicular flow on Mahadji Shinde Road, New DP Road, and Nagras Road, Patil said. Patil was speaking on the issue of traffic and encroachments at a meeting of Aundh residents, police personnel, and officials from Pune Municipal Corporation (PMC) at the Swargiya Gopinath Munde Sabhagruha in the area. Representatives of schools in the area and commercial establishments were also present at the gathering. The senior police officer also said similar studies will be conducted around all major commercial establishments contributing to traffic issues in the city. Furthermore, such establishments will be expected to provide a traffic warden to manage vehicles in their vicinity, who will be trained by the police, said Patil. Aundh residents have long highlighted the area's worsening traffic situation. A Wireless Colony resident said, "We face daily traffic jams due to the presence of entry and exit gates of two malls on Mahadji Shinde Road. It turns into a complete gridlock on weekends. The congestion makes it hard for even ambulances to reach us. Autos and taxis meander for customers, reducing the already narrow carriageway width. Residents are frustrated. " Many who live here complained about encroachment and irregular parking on the road joining Ambedkar Chowk and Medipoint Chowk, leading to traffic jams. "The entire area has been taken over by hawkers. There are multiple T-junctions on different roads, and all these are choked during peak hours. Except for Parihar Chowk, there is no signal on any of the chowks, making it hard to navigate these spots," said another resident. Local political activist Madhukar Musale, who organised the meeting, said there is a need to permanently solve the area's encroachment issue. "Many roads are shown wider on the PMC development plan (DP) but are narrow in reality. This needs to be corrected. Secondly, some roads are extremely narrow and, considering the population growth, need to be widened urgently. Illegal hawkers must be removed. No-parking should be implemented in some places, while others should have the P1/P2 facility," said Musale. Residents, including several women, highlighted the need for better police presence at Ambedkar Chowk, especially post-sunset. Patil agreed, saying, "I have asked the area traffic police inspector to conduct a feasibility study. We are most likely planning to change exits for both malls. In many places in the city, improper entry and exit points create traffic problems on roads. Establishments should not have exits on the main road. In the future, wherever we see a need, we will address it. Secondly, I want to suggest that establishments provide wardens to assist the police, because they contribute to traffic snarls. I have instructed the traffic DCP to assess this angle. We are not talking about small vendors or shops, but large establishments that attract thousands of people and vehicles. As they benefit from the city's facilities, they should contribute to decongesting it." Regarding the issue of school vehicles parked on roads causing bottlenecks, Patil said there can be no blanket rule to park these inside as the safety of students is paramount. "Wherever feasible, we request schools with large spaces to allow school buses to park inside. Sometimes, it's not possible as if you have a small ground and all students exit through the same gate, parking vehicles inside can create an issue," he said. The officer added that if wedding halls cause issues, they should also provide wardens. "Since they profit from their operations, they should contribute to civic solutions. If they disrupt traffic, they should help the police with traffic management and voluntarily come forward for this," said Patil. He mentioned that the police can provide training and a badge to such wardens from commercial establishments.
Irish Times
a day ago
- Business
- Irish Times
Reliance ‘powering forward' in its centenary year as revenues jump
Reliance, the Cork-headquartered engineering and robotics component distributor where former tánaiste Simon Coveney was appointed as a non-executive director earlier this year, reported revenues of close to €20 million last year as domestic sales jumped 14 per cent. Accounts filed recently for the Reliance Bearing and Gear Company, which celebrates a century in business this year, reveal turnover climbed by more than 11 per cent to just under €19.6 million in 2024. Reliance distributes a range of mechanical, electrical and agricultural products, specialising in automation and robotics. The family-owned company is based in Little Island, Co Cork, but opened a 60,000sq ft facility on the eastern outskirts of Limerick city in 2019 and opened another facility in Antrim last year. Operating profits at Reliance were up slightly to €958,033 in 2024 from €913,422 in 2023, according to the accounts. READ MORE After-tax profits, meanwhile, dipped to €829,380 from more than €2.3 million in 2023. However, the 2023 figures were impacted by a nearly €1.2 million one-off exceptional item, related to the write-back of an asset revaluation in previous years. Speaking to The Irish Times on Monday, Reliance chief executive Peter Creighton said the company is 'very in tune' with the wider Irish economy and consequently performed well last year. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 He said the company is 'powering forward' in its centenary year and will be opening up a facility in Dundalk, Co Louth, in 2025 on the 'automation and robotics side' of the business. Mr Creighton said that 2025 has so far been a little bit flatter than last year. 'An awful lot of that has to do with what's happening, the uncertainty with tariffs and Trump and all that stuff,' he said. Earlier this year, the company, which employed 50 people in 2024, announced that Mr Coveney would join Reliance's board as a non-executive director in his first private sector appointment after leaving politics. [ Simon Coveney joins Reliance board as non-executive director Opens in new window ] Mr Creighton said at the time that Mr Coveney's 'extensive experience and proven leadership' will be an important addition to the company. The former Fine Gael TD for Cork South-Central, who held several senior cabinet positions during his career, was subsequently hired by EY Ireland as a consultant to its geopolitical strategy unit. Reliance is a fourth-generation company that was founded in 1925 by Mr Creighton's great-grandfather, Horace Rhodes Kenworthy, as the Reliance Bearing and Gear Company. Mr Creighton holds almost 50 per cent of the company's shares, according to its most recent annual return, while Horace and Laura Kenworthy hold a combined stake of just under 40 per cent.
