Reliance Buys Its First Canadian Crude To Load From New Trans Mountain Pipeline From Shell; Shell To Deliver 2M Barrels Of Access Western Blend Crude To Reliance In July - Sources
Portfolio Pulse from Benzinga Newsdesk
Reliance Industries has purchased 2 million barrels of Canadian crude oil from Shell for July delivery, utilizing Canada's new Trans Mountain pipeline. This marks Reliance's first acquisition of Canadian crude, with the pipeline set to enhance crude flow from Alberta to the Pacific Coast, facilitating access to Asian and U.S. West Coast markets. Shell will transfer the oil via ship-to-ship transfers to a Very Large Crude Carrier for shipment to Reliance's Sikka port refinery. The deal was made at a $6/barrel discount to September ICE Brent.
April 29, 2024 | 3:11 pm
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Shell sells 2 million barrels of Canadian crude to Reliance Industries for July delivery, utilizing the new Trans Mountain pipeline.
Shell's involvement in this significant sale of Canadian crude to Reliance Industries through the new Trans Mountain pipeline highlights its strategic positioning in the global oil market. This deal not only showcases Shell's capacity to facilitate large transactions but also its role in leveraging new infrastructure to access broader markets. The sale is likely to have a positive short-term impact on Shell's stock price due to the successful utilization of new pipeline capacity and the expansion of its trading operations.
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