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December 25, 2008

Indian refiner leases oil storage in Singapore
India's Reliance Industries Ltd has leased 100,000 cubic metres (cu m) of clean oil products storage in Singapore from Dutch oil and chemicals storage operator Royal Vopak NV , Reuters quoted industry sources as saying Tuesday.

Reliance's move came as the private Indian refiner prepares to commission its new 580,000 barrels per day (bpd) refinery in Jamnagar on the country's western Gujarat state soon.

"The Reliance storage is part of the new Vopak capacity that came online these last few weeks," one industry source told Reuters.

Vopak started operating 320,000 cu m of expanded capacity at its Banyan facility in early-November, bringing its total storage capacity for fuel and chemicals in Singapore to more than 2.5 million cu m.

A source familiar with storage operations in Singapore said the new Vopak capacity has been fully leased.

The Indian refiner, which also operates an existing 660,000-bpd facility in Jamnagar, traded gas oil for the first time on Monday in the Singapore Platts daily price assessment exercise as Reliance Industries Middle East.

The new giant refinery, run as a subsidiary called Reliance Petroleum Ltd and 5 percent-owned by Chevron Corp , will alone produce enough fuel to meet the 500,000 bpd global demand growth that the International Energy Agency (IEA) estimated for 2009.

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