Indias Reliance Industries (RIL), owner of the worlds largest oil refining complex, has leased storage for petrol at the Borco oil terminal in the Caribbean.
The deal on the half a million barrel storage facility was secured sometime towards the end of last year, traders say.
Reliance, which operates two mega-refineries in the West Coast of India with a combined crude processing capacity of 1.24 million barrels per day (bpd), has over the past few years embarked on a robust marketing campaign for their products in Europe, Latin America, East Africa and the US.
Now the second refinery, set up by RIL at its Jamnagar complex in Gujarat, has already overtaken the older, adjacent refinery in production volumes and could go even further by exceeding its design capacity by at least 20%.
The second refinery, which was commissioned by RIL in December 2008 to process 580,000 barrels per day (bpd), started full-scale commercial production early this fiscal year. It operated at 115% of its stated capacity in the October-December quarter.
At this rate, the refinery could refine 667,000 bpd, overtaking RIL's older Jamnagar refinery, which can process 660,000 bpd. Put together, it is the largest refining operation globally at a single location.