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Reliance Buys Its First Canadian Crude from Trans Mountain Pipeline

OIL
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Reliance Industries bought 2m bbl of Canadian crude from Shell for July delivery, marking the Indian refiner’s first oil purchase from Canada’s new TMX, Reuters’ sources said.

  • Reliance joins a growing group of Asian refiners purchasing Canadian crude to be exported from the expanded pipeline from May.
  • Shell will perform STS transfers to move around 0.5m bbl of Access Western Blend (AWB) onto VLCCs, shipping the oil to Sikka port.
  • The deal was done at around September ICE brent minus $6/b.
  • AWB is a heavy crude and could be an alternative for Indian buyers instead of Venezuelan crudes which are now blocked by renewed US sanctions.
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Reliance Industries bought 2m bbl of Canadian crude from Shell for July delivery, marking the Indian refiner’s first oil purchase from Canada’s new TMX, Reuters’ sources said.

  • Reliance joins a growing group of Asian refiners purchasing Canadian crude to be exported from the expanded pipeline from May.
  • Shell will perform STS transfers to move around 0.5m bbl of Access Western Blend (AWB) onto VLCCs, shipping the oil to Sikka port.
  • The deal was done at around September ICE brent minus $6/b.
  • AWB is a heavy crude and could be an alternative for Indian buyers instead of Venezuelan crudes which are now blocked by renewed US sanctions.