RIL Gets Listed on Dubai Mercantile Exchange

Bangalore: Reliance Industries (RIL) has got listed on the Dubai Mercantile Exchange (DME), becoming the first major Indian company to participate directly in global oil futures market. Reliance Industries got listed on Dubai Mercantile Exchange on September 5 as the 26th off floor (overseas) member. The Exchange had passed the three billion barrel trading mark in May 2012 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 the Middle East's premier international energy futures and commodities exchange...," Dubai Mercantile Exchange 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." Reliance Industries 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. Sharaf 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.