Reliance Refining Margins Carry Weak Upstream

摘要

Reliance Industries, which operates the world's largest refining complex, said Friday its gross refining margins (GRM) last quarter were the highest in the last seven years as it benefited from product demand and use of cheaper, heavier crude grades. Strong margins would help Reliance offset poor performance in its upstream business, as it struggles with declining gas output domestically and lower prices at shale assets in the US (IOD Apr.21'15).