Reliance buys at the least 15 mln barrels of Russian oil – merchants

Reliance Industries Ltd , operator of the world’s greatest oil refining complicated, has ordered at the least 15 million barrels of Russian oil since Russia invaded Ukraine in February, commerce sources mentioned.

Reliance has purchased a median 5 million barrels a month for the June quarter, the sources mentioned.

Reliance didn’t instantly reply to a Reuters’ e mail looking for remark.

Earlier than the Ukraine battle, Indian refiners, together with Reliance, hardly ever purchased Russian oil owing to excessive freight prices.

However Western sanctions in opposition to Russia since its Ukraine invasion, which Moscow calls a “particular operation”, have prompted many oil importers to shun commerce with Moscow, miserable its crude costs to document low cost ranges.

Indian refiners have snapped up a budget barrels as India, the world’s third-biggest oil importer and client, is hit laborious by excessive oil costs. India imports about 85% of its 5 million barrels per day oil wants.

Whereas New Delhi has referred to as for a direct ceasefire in Ukraine, it has not explicitly condemned Moscow’s actions. India has additionally abstained from voting on a number of United Nations resolutions on the invasion.

Refinitiv’s tanker circulation information reveals a provide of about 8 million barrels of Russian oil, primarily Urals, on the Reliance-operated Sikka port in western India, for arrival between April 5 and Could 9.

Most of those barrels are provided by Russian dealer Litasco, the Refinitiv information reveals.

Merchants mentioned Reliance is shopping for Russian oil on delivered foundation.

Reliance is scheduled to acquired its first parcel of Russia’s ESPO oil in early Could, the Refinitiv information reveals. This grade is usually provided to China.

Billionaire Mukesh Ambani’s Reliance operates two refineries on the Jamnagar complicated in western India that may course of about 1.4 million barrels per day (bpd) of oil day by day.

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