DUBAI: Reliance Industries Limited (RIL), India’s largest private sector enterprise, has today become the newest Member of the Dubai Mercantile Exchange (DME). Reliance Industries is DME’s 26th Off Floor Member, and its decision to join comes at a time of continued growth for the Exchange, which saw trades pass the 3 billion barrel mark in May this year.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasizing the trend of continued growth in Asian oil production.
DME’s Chairman Ahmad Sharaf, in a press release, said: “I am delighted to welcome Reliance Industries Limited as the DME’s newest member.
“Having one of the world’s largest energy companies choose DME as its first oil futures market is testament to the important position DME now occupies as the Middle East’s premier international energy futures and commodities exchange, providing the only appropriate benchmark for, and gateway into, the rapidly expanding East of Suez crude oil corridor.
“RIL’s membership comes at a time when, having just marked our five-year anniversary, we are continuing to see sustained growth in trading volumes. Adding to our international membership with firms of RIL’s scale, helps position us for the next five years, during which we predict the Asian oil market will continue to grow at a rapid pace.” RIL is the owner of the Jamnagar Refinery, the biggest in India, boasting the largest crude processing capacity at any single location in the world, with 1.24 million barrels processed per day. RIL’s membership of DME further demonstrates the growing Asian demand for oil in the global marketplace, a trend that DME sees through the growth of its Oman futures contract, the world’s third official benchmark for oil trading, alongside West Texas Intermediate (WTI) and Brent.