Sanctions against Russia have caused many companies and countries to shun its oil, pushing Russian crude prices to record levels
Sanctions against Russia have caused many companies and countries to shun its oil, pushing Russian crude prices to record levels
India’s Reliance Industries Ltd, operator of the world’s largest refinery complex, may avoid buying Russian fuel for its facilities after Western sanctions were imposed on Moscow for its invasion of Ukraine, a senior company official has said.
“Even if we can get some of the feeds (from Russia), we probably won’t be there because of the sanctions,” Rajesh Rawat, senior vice president and business head cracker, said at an industry event on Wednesday.
Reliance buys Ural crude oil and crude oil for its refineries from Russia. The private refinery buys its petrochemical raw materials mainly from the Middle East and the United States.
Sanctions against Russia have caused many companies and countries to shun its oil, pushing Russian crude prices to record levels.
Mr Rawat said that in India, most oil supplies from Russia go to state-owned companies.
“So these feed streams will likely continue or have a smaller impact compared to the private sector players. Since we are dealing with banks, and while we can source some of the feeds (from Russia), we probably will because of the sanctions out of the way,” Mr Rawat said at the Asia Refining and Petrochemical Summit.
Since the Russian invasion of Ukraine began on February 24, India’s top refiner Indian Oil Corp has bought three million barrels of Russian Ural crude and Hindustan Petroleum has bought two million barrels of the oil through tenders.
