Dubai, 05 September 2012 - Reliance Industries Limited (RIL), India's largest private sector enterprise, has today become the newest Member of the Dubai Mercantile Exchange (DME). Reliance Industries is DME's 26th Off Floor Member, and its decision to join comes at a time of continued growth for the Exchange, which saw trades pass the 3 billion barrel mark in May this year.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasizing the trend of continued growth in Asian oil production.
DME's Chairman Ahmad Sharaf, said: "I am delighted to welcome Reliance Industries Limited as the DME's newest member.
"Having one of the world's largest energy companies choose DME as its first oil futures market is testament to the important position DME now occupies as the Middle East's premier international energy futures and commodities exchange, providing the only appropriate benchmark for, and gateway into, the rapidly expanding East of Suez crude oil corridor.
"RIL's membership comes at a time when, having just marked our five-year anniversary, we are continuing to see sustained growth in trading volumes. Adding to our international membership with firms of RIL's scale, helps position us for the next five years, during which we predict the Asian oil market will continue to grow at a rapid pace."
RIL is the owner of the Jamnagar Refinery, the biggest in India, boasting the largest crude processing capacity at any single location in the world, with 1.24 million barrels processed per day. RIL's membership of DME further demonstrates the growing Asian demand for oil in the global marketplace, a trend that DME sees through the growth of its Oman futures contract, the world's third official benchmark for oil trading, alongside West Texas Intermediate (WTI) and Brent.
-Ends-
About DME
The Dubai Mercantile Exchange Limited (DME) is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment. The DME is majority owned by core shareholders CME
Group, the Oman Investment Fund (OIF) and Dubai Holding. Global financial institutions and energy trading firms including Goldman Sachs, JP Morgan, Morgan Stanley, Shell, Vitol and Concord Energy also have equity stakes in the DME.
The exchange has developed and lists the DME Oman Crude Oil Futures Contract, which provides a unique benchmark for sour crude oil destined for East of Suez markets, while simultaneously bridging the time-zone gap between Europe and Asia.
Launched in June 2007, DME Oman is the largest physically delivered crude oil futures contract in the world.
The DME is a fully electronic exchange, and its contracts are listed on the CME Globex® platform, the world's leading electronic trading platform, providing access to the broadest array of futures and options products available on any exchange. The DME is regulated by the Dubai Financial Services Authority (DFSA).
For the latest trading volumes on the DME, please visit: www.dubaimerc.com
Historical DME trading data can be found at: www.dubaimerc.com/historical.aspx
To register for daily updates, please visit: www.dubaimerc.com/daily_updates_reg.asp
About Reliance Industries Limited (RIL)
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters, with a turnover of INR 339,792 crore (US$ 66.8 billion), cash profit of INR 31,994 crore (US$ 6.3 billion) and net profit of INR 20,040 crore (US$ 3.9 billion) as of March 31, 2012.
RIL is the first private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Corporations' and 'World's Top 100 companies', ranking 99th in terms of revenues and 130th in terms of profits in 2012. RIL ranks 68th in the Financial 'Times FT Global 500' list of the world's largest companies. RIL is ranked amongst the '50 Most Innovative Companies - 2010' in the World in a survey conducted by the US financial publication - Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest 'Sustainable Value Creators' for creating the most shareholder value over the decade in the world.
Media Contacts
DME
Heather Astbury
Director Corporate Communications
+971 506523754 (mobile)
heather.astbury@dubaimerc.com
TRACCS (PR agency)
Walid Majzoub
+9714 3672530
TRACCS 24/7 Media Hotline: +97150 9448389
walid.majzoub@traccs.net
© Press Release 2012
