NewzIndia’s Reliance Industries, operator of the world's largest refining complex in Gujarat, has paid an unprecedented record charter fee ranging between $23 million and $25 million for a Very Large Crude Carrier (VLCC). The vessel was secured to transport two million barrels of Basra crude oil.
The massive freight cost was incurred amid the ongoing crisis in the Strait of Hormuz, highlighting the severe logistical pressures and escalating transportation expenses impacting crude oil shipments from Iraq to major Asian refining hubs.
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