Encha's NewOil Partners Reliance

16 November 2011

Encha’s Oil trading firm, New Oil Trading Limited (“NewOil”) is proud to announce a supply partnership with Reliance Industries Limited’s (“RIL”) Petroleum Refining and Marketing division in Mumbai, India.

RIL refinery in Jamnagar, India is the largest refinery on globe, with a production capacity of 1.2 MM barrels per day. This also makes Jamnagar, the largest refining center at any single location in the world.

Cholo Logabane, NewOil’s MD said: “NewOil’s goal is to become a leading independent supplier of crude and refined product in the Sub-Saharan region, with a particular focus on South Africa. South Africa’s economy has the greatest demand for crude oil and refined product on the African continent. South Africa also has the largest refining capacity in Africa.

However, as a result of the economic growth experienced in recent periods and a lack of investment in the upgrade of the local refineries, South Africa has become a net importer of refined product. This requires the South African economy to secure fuel supplies from the international markets.”

Tiego Moseneke said: “We are proud that a globally significant player like Reliance has chosen to partner us in this market.”

The partnership with between NewOil and RIL strengthens NewOils capacity to meet its downstream strategy and the demands of the South African economy by securing supplies from a reliable source for the Sub-Saharan market. RIL is also able to meet growth aspirations in the downstream sector on the African continent.