AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

NEW DELHI: Reliance Industries Ltd , operator of the world’s biggest oil refining complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said.

Reliance has bought an average 5 million barrels a month for the June quarter, the sources said.

Reliance did not immediately respond to a Reuters’ email seeking comment.

Before the Ukraine war, Indian refiners, including Reliance, rarely bought Russian oil owing to high freight costs.

But Western sanctions against Russia since its Ukraine invasion, which Moscow calls a “special operation”, have prompted many oil importers to shun trade with Moscow, depressing its crude prices to record discount levels.

Indian refiners have snapped up the cheap barrels as India, the world’s third-biggest oil importer and consumer, is hit hard by high oil prices. India imports about 85% of its 5 million barrels per day oil needs.

While 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 multiple United Nations resolutions on the invasion.

Refinitiv’s tanker flow data shows a supply of about 8 million barrels of Russian oil, mainly Urals, at the Reliance-operated Sikka port in western India, for arrival between April 5 and May 9.

Most of these barrels are supplied by Russian trader Litasco, the Refinitiv data shows. Traders said Reliance is buying Russian oil on delivered basis.

Reliance is scheduled to received its first parcel of Russia’s ESPO oil in early May, the Refinitiv data shows. This grade is mostly supplied to China.

Billionaire Mukesh Ambani’s Reliance operates two refineries at the Jamnagar complex in western India that can process about 1.4 million barrels per day (bpd) of oil daily.

Comments

Comments are closed.

India’s Reliance buys at least 15m barrels of Russian oil

Pak diplomat escapes assassination attempt at Kabul

FY22 trade with US soars 38.3pc to $10.5bn YoY, NA told

Nov POL products’ sales down 12pc to 1.55m tons YoY

PM urges Chinese co to invest in renewable energy sector

PM seeks reform plan: Power sector PDM govt’s Achilles heel

SPI down on decrease in food prices: PBS

Import of urea: PPRA refuses to give fresh exemption

OPEC set to stick or cut more amid plan to cap Russian oil price

Muttaqi speaks to Bilawal

US designates four AQIS, TTP leaders as SDGTs