Russia’s invasion of Ukraine has opened arbitrage opportunities so enticing that Reliance Industries Ltd. deferred maintenance work at the world’s biggest oil refining complex to churn out more diesel and naphtha after prices surged.
The refiner, owned by Indian billionaire Mukesh Ambani, is buying discounted cargoes of crude after self-sanctions on Russian fuels by some European Union companies pushed up margins on some oil products to three-year highs.
Reliance’s giant twin refineries can process about 1.4 million barrels daily of almost all varieties of crude. The firm is also known for its agility in oil trading, which helps it benefit from price swings.
