Indian giant Reliance enters Israeli market

''Globes'' that Indian energy giant Reliance Industries Ltd. is the latest international player to take an interest in the Israeli energy market. The company has signed an agreement with the Eilat Ashkelon Pipeline Company Ltd. (EAPC) for the storage of fuel at EAPC's terminal in Ashkelon. Reliance, which owns refineries and gas stations across India, is looking at the option of exporting refined products to Europe via Israel and the Mediterranean Basin. Fuel market sources believe that part of the inventory that Reliance is to store in Ashkelon could also be marketed locally, offering an alternative to purchasing fuel from Oil Refineries Ltd. in Haifa and Paz Ashdod Refinery Ltd. Energy market sources say that local energy companies have also expressed an interest in purchasing fuel from Reliance.