India’s Reliance Industries Ltd, the operator of the world’s largest refining complex, could avoid buying Russian fuel for its plants after imposing sanctions on Moscow in the West due to the invasion of Ukraine, a senior company official said.
“Although we may have some feeds (from Russia) available, we will probably be left out due to sanctions,” Rajesh Rawat, vice president and head of business, said Wednesday at an industry event.
Reliance Urals buys crude fuel oil for its refineries directly from Russia. Private refineries mostly buy their petrochemical raw materials from the Middle East and the United States.
Sanctions against Russia have led many companies and countries to abandon their oil, depressing crude Russians to record declining levels.
Rawat said most of Russia’s Indian oil supplies go to state-owned companies.
“So it’s likely that these feeds will continue, or they may have less of an impact than private sector actors. Because we work with banks, and we also have some feeds available (from Russia), we probably will. Because of the sanctions outside of that.” said Rawat at the Asian Summit on Refining and Petrochemicals.
Since Russia began its invasion of Ukraine on February 24, India’s main oil refinery India has bought 3 million barrels of Russian Ural crude and Hindustan Petroleum has bought 2 million barrels of oil through bidding.