For years, Reliance Industries has dominated India’s corporate landscape, but deep inside the conglomerate’s global web of subsidiaries lies a relatively young unit that has rapidly risen to strategic prominence. Reliance International Ltd, headquartered in Abu Dhabi, has evolved from a behind-the-scenes trading arm into one of the most vital pillars of Mukesh Ambani’s oil empire—moving billions of dollars’ worth of crude and refined products through the shifting currents of global geopolitics.

A Growing Giant in the Shadows of Global Oil Trade

When Reliance International began operations in 2021–22, its contribution to Reliance Industries’ global business seemed modest. With revenues of just $3.9 billion in its first year, the subsidiary served a functional role—purchasing crude oil overseas and supplying the Jamnagar refinery before exporting refined products abroad.

But the world’s oil trade changed dramatically in February 2022 with the Russian invasion of Ukraine. Supply chains were disrupted, Western sanctions scrambled traditional markets, and opportunistic buyers—especially in Asia—found steeply discounted Russian crude irresistible. In this environment, Reliance International exploded onto the global stage.

• Revenues jumped to $30.8 billion in FY23
• It touched $58.1 billion in the 15 months ending March 2025

What seemed like a trading support function quickly grew into a revenue engine, now accounting for nearly 18.4% of Reliance Industries’ consolidated revenue.

How Reliance International Operates

Reliance International plays a dual role:

1. Crude Procurement

The subsidiary purchases crude from global suppliers—historically from the Middle East and Africa, and in recent years, increasingly from Russia. The crude is shipped to the Sikka port for processing at the Jamnagar refinery, the world’s largest refinery complex.

2. Overseas Product Distribution

After refining, Reliance International purchases petroleum products from Reliance Industries and sells them across global markets, leveraging its strategic presence in a major financial hub—Abu Dhabi Global Market.

This operational design creates strategic efficiency rather than additional profit. As the company states, the subsidiary has “no financial gain” since all earnings consolidate back into the parent. Its real value lies in agility—sourcing cheap crude and placing products efficiently across global markets.

The Russian Crude Factor

One of the biggest drivers behind Reliance International’s surge has been the availability of discounted Russian crude following Western sanctions. Between 2022 and 2025:

• Reliance purchased an average of 1.22 million barrels/day
• 425,000 barrels/day came from Russia—over one-third of total inflows
• Russia overtook Iraq as Reliance’s largest supplier within months of the invasion
• In 2024, Reliance signed a 10-year agreement with Rosneft for 500,000 barrels/day

This strategic shift dramatically improved refining margins—until the geopolitical winds shifted again.

Turning Point: US Sanctions and the Recalibration

In October 2025, the US imposed sanctions on Rosneft and Lukoil, accompanied by warnings of secondary sanctions on foreign companies still dealing with them. This forced Reliance to abruptly halt Russian crude purchases.

In response, the company:

• Scooped up 12+ million barrels from Middle Eastern and American markets in just October
• Began reassessing long-term supply arrangements
• Confirmed compliance with upcoming EU rules banning Russian-origin refined products by 2026

Reliance’s diversified sourcing strategy is once again being put to the test.

Why Abu Dhabi Became the New Oil Trading Capital

Reliance International’s location at the Abu Dhabi Global Market (ADGM) is no accident. ADGM offers:

• Zero corporate tax for up to 50 years
• Proximity to major crude suppliers
• A front-row seat to the emerging oil trade hub of Dubai

Global traders seeking to work around Russian sanctions shifted from Geneva and Singapore to Dubai, fueling unprecedented growth in the UAE’s shipping and storage ecosystem.

According to analysts:

• 41% of Russia’s “shadow fleet” tankers are now registered in the UAE
• UAE terminals increasingly store oil headed for Europe and the Atlantic
• India could, in theory, use UAE routes to access markets with new Russian-origin restrictions

Reliance International is positioned right at the heart of this transformation.

A New Material Force Within Reliance

Reliance now recognizes the subsidiary as a material unit, a designation shared with only five other giants in the group—Jio Platforms, Reliance Retail Ventures, Reliance Retail Ltd, Reliance Jio Infocomm Ltd, and Reliance Global Energy Services.

In FY25 alone:

• Reliance Industries purchased ₹1.48 trillion worth of crude from the subsidiary
• It sold ₹1.97 trillion worth of refined products back to it
• The subsidiary contributed almost one-fifth of Reliance’s total revenue

This makes Reliance International not just a trading arm, but a central artery in India’s largest conglomerate.

Conclusion: A Subsidiary Shaped by Geopolitics, Positioned for the Future

Reliance International’s meteoric rise is a case study in how global events, corporate strategy, and location advantages converge to reshape business empires. From the shockwaves of the Russia–Ukraine conflict to the shifting epicenters of global oil trade, the company has navigated volatility with precision and purpose.

Yet the next chapter brings new challenges:

• Tougher Western sanctions
• Stricter EU import rules
• Geopolitical uncertainty
• Rising Middle Eastern and American supply dependence

As Reliance Industries adapts once again, Reliance International remains at the forefront—a nimble, globally connected engine powering one of the world’s most influential energy networks.

Feel free to share your experiences and insights in the comments below. Let’s continue the conversation and grow together as a community of traders and analysts.

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Disclaimer

This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.