Reliance rated among top 10 global companies: Survey

The company was ranked 8th this year, improving from 14 position a year ago

India's Reliance Industries has been ranked 8th among top 10 global oil companies, according to a new survey released on Thursday.

Reliance Industries was ranked 8th this year, improving from 14 position a year ago and being among the top 10 of the 250 global energy businesses in a new survey by 'Platts Top 250 Global Energy Company Rankings 2016'.

Refiners Indian Oil Corporation and Hindustan Petroleum Corp Ltd moved to 14th from 66th and to 48th from 133rd, respectively, lifted by access to cheaper crude. Heavyweight, Oil & Natural Gas Corp Ltd, however, slipped to 20 position this year from 17 a year ago.

Platts attributed the refining sector strength to improved margins.

"The ranking reflected the oil market's biggest price collapse in nearly three decades, a resulting re-drawing of the lines in the fuels mix and the successes of energy players less exposed to the price rout triggered by OPEC's defence of its global oil market prominence," it said.

"India was also the only prominent country for coal demand, boosting Coal India's standing in the world energy companies," it added.

"Strong performance of the coal industry enabled the largest pure coal mining company in the world, Coal India, to hold its place at 38th in the top 250 ranks. Consumption rose nearly 5 per cent, regaining its share as the dominant fuel in the energy mix at 56 per cent, Platts said.

Adani Power Ltd, an Independent Power Producer was ranked at 250th. With a 3-year compound growth rate of 54.9 per cent the company is the fastest growing energy company in Asia-Pacific and the second fastest in the world.