(LiveMint)
Reliance Industries has declared force majeure on gasoline exports from its Jamnagar site, four people familiar with the matter said on Wednesday, causing the profit margin from producing the fuel to jump to its highest since September. The force majeure follows an unspecified issue at a gasoline-producing fluid catalytic cracker (FCC) unit in its export-oriented refinery, two of the people said. That plant can process more than 500,000 barrels per day (bpd) of crude oil and is located in Jamnagar’s special economic zone (SEZ).
Reliance filed a statement to the National Stock Exchange (NSE) stating it has shut one of its FCC units and that the unit is expected to restart within two weeks. It added that the rest of the Jamnagar complex is operating normally and it does not expect the shutdown to have any material impact on overall operations. The filing did not say what caused the FCC to shut or comment on the force majeure of gasoline supplies.
