RIL becomes member of Dubai Mercantile Exchange

Reliance Industries Limited on Thursday became the newest member of the Dubai Mercantile Exchange.

RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasising the trend of continued growth in Asian oil production.

The Exchange had passed the three billion barrel trading mark in May and is growing fast, an official statement said.

"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 West Asia's premier international energy futures and commodities exchange. . .," DME chairman Ahmad Sharaf, said.

"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.

RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasising the trend of continued growth in Asian oil production.

He said this will add to DME's international membership as firms of RIL's scale, help position the Exchange for the next five years, during which the Asian oil market is likely to grow at a rapid pace.