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Lagging outlook – India was on ropes as product exporter long before MidEast spector. And China’s exports have had push out Asia sector all way into Europe which further backed volume/demand down.
India’s Reliance Export Refinery had switch Domestic market right after startup in 2009 ? <See story link @
Reliance sheds export unit tag for Jamnagar refinery
Business Line 04/17/2009
New Delhi, April 16 Reliance Industries Ltd (RIL) has converted its first refinery (33 million tonne/year) at Jamnagar from an Export Oriented Unit (EoU) to a normal status so that it can sell all its products in the domestic market