NEW DELHI: Reliance Industries, operator of the world’s largest refining complicated, might keep away from shopping for Russian fuels for its vegetation following Western sanctions on Moscow over its invasion of Ukraine, a senior firm official mentioned.
“Even when we are able to supply a few of the feeds (from Russia), in all probability we can be out of it due to the sanctions,” Rajesh Rawat, senior vp and enterprise head cracker, advised an business occasion on Wednesday.
Reliance buys Urals crude and straight run gas oil for its refineries from Russia. The personal refiner principally buys its petrochemical feedstock from the Center East and the US.
Sanctions on Russia have prompted many corporations and international locations to shun its oil, miserable Russian crude to document low cost ranges.
Rawat mentioned in India many of the oil provides from Russia are going to the state-run corporations.
“So in all probability, these feed streams will nonetheless proceed, or might have a lesser influence in comparison with the personal sector gamers. As a result of we take care of banks, and in addition even when we are able to supply a few of the feeds (from Russia), in all probability we can be out of it due to the sanctions,” Rawat advised the Asia Refining and Petrochemical Summit.
Since Russia’s invasion of Ukraine started on February 24, prime refiner Indian Oil Corp has purchased 3 million barrels of Russian Urals crude and Hindustan Petroleum has purchased 2 million barrels of the oil via tenders.