The Dubai Mercantile Exchange, majority-owned by CME Group Inc. (CME:US), added Reliance Industries Ltd. (RIL) of India as its newest member.
“Reliance is understood to be the first major Indian enterprise to participate directly in a global oil futures market,” the exchange, or DME, said today in a statement.
The refiner joins Glencore International Plc (GLEN) and Vitol Group as members of the exchange, which plans to expand its Oman crude futures contract in Asia. The DME appointed Christopher Fix, former head of marketing for commodity futures in Asia Pacific at BNP Paribas SA, as chief executive officer in June.
Reliance operates the world’s largest refining complex at Jamnagar in the western state of Gujarat.
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