Reliance Industries Ltd., operator of the world’s largest oil refinery complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said.
Reliance bought an average of 5 million barrels per month for the June quarter, the sources said.
Reliance did not immediately respond to an email from Reuters asking for comment.
Before the Ukraine war, Indian refiners, including Reliance, rarely bought Russian oil due to high freight costs.
But Western sanctions against Russia since its invasion of Ukraine, which Moscow calls a “special operation,” have caused many oil importers to avoid trading with Moscow, pushing crude prices down to record highs
Indian refiners have snapped up the cheap barrels as India, the world’s third largest oil importer and consumer, has been hit hard by high oil prices. India imports about 85% of its daily oil needs of 5 million barrels.
Although New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned Moscow’s actions. India has also abstained from voting on several United Nations resolutions on the invasion.
Refinitiv tanker flow data shows a supply of about 8 million barrels of Russian oil, mostly Ural, at Reliance-operated Sikka port in western India, expected to arrive between April 5 and May 9.
Most of these kegs are supplied by Russian retailer Litasco, data from Refinitiv shows.
Traders said Reliance buys Russian oil on a delivered basis.
Reliance is scheduled to receive its first package of Russia’s ESPO oil in early May, data from Refinitiv shows. This variety is mainly shipped to China.
Billionaire Mukesh Ambani’s Reliance operates two refineries in the Jamnagar complex in western India that can process about 1.4 million barrels of oil per day (bpd) per day.
