Business

Which Country Still Buys Russian Oil?


Look at which countries are still buying Russian crude oil.

There has been a heated debate over whether India should buy Russian oil or not, after Western sanctions, including a US oil embargo ban, on Moscow in response to its invasion of Ukraine, the most significant attack on European countries since World War II. two.

Reports have surfaced of Indian oil companies concluding a deal to buy Russian crude oil at a high discount. In an environment where international crude oil prices have soared to over $ 100 a barrel – a high cost for energy price -sensitive countries.

Legitimate Indian energy transactions cannot be politicized, and countries that are self-sufficient in oil or those themselves that import from Russia cannot support tight trade, government sources said yesterday.

That got a response from the US, which said India importing discounted crude oil from Russia would not be considered a violation of sanctions; it would imply supporting the Russian invasion of Ukraine.

Asked about reports on India’s possibility of accepting Russia’s discounted crude oil offer, White House Press Secretary Jen Psaki said earlier this week, “I don’t believe this will violate that (restriction).”

“But also think about where you want to stand when the history books are written at this time. Support for the Russian leadership is support for an aggression that clearly has a devastating effect,” Ms Psaki added.

Here’s a look at which countries and companies are still buying Russian crude:

  • Bulgaria: The largest oil refinery on the Balkan peninsula, the Neftochim Burgas refinery – owned by Russia’s Lukoil and a major supplier of fuel to Bulgaria’s domestic market, could use 100 percent of non -Russian crude oil if necessary, up from 40 percent currently, a government official said. .
  • China: China is Russia’s second -largest oil importer after the European Union, and the International Energy Agency (IEA) says shipments by sea may increase. A Reuters report shows that Petro-Logistics, which monitors oil production and is a leading provider of cargo tracking data and trade flow intelligence, is seeing more Russian crude heading to China.
  • European Union (EU): The 27 -member bloc, which depends on Russia for 40 percent of its gas and 27 percent of its crude imports, split over curbing Russian intake, but plans to dump Russia’s fossil fuels in the long run are expected by the end of May. EU countries are ready to adopt new sanctions against Russian oil companies Rosneft, Transneft and Gazprom Neft but will continue to buy oil from them.
  • France: Russian crude oil will account for 9.5 percent of total imports in 2021. However, the French Petroleum Industry Association (Ufip) said alternative supplies could be found, adding it was already switching from Russian diesel.
  • Germany: Russian crude oil accounts for about 14 percent of intake at Germany’s largest refinery, MiRO. A joint venture of Refining Mineraloelraffinerie Oberrhein GmbH (MiRO) with Phillips 66, which holds an 18.75 per cent stake. Germany’s Schwedt PCK refinery – more than 54 percent owned by Rosneft Deutschland, a Russian -based Rosneft subsidiary, is piped through the Druzhba pipeline, as well as the land -confined Leuna refinery, which is majority owned by TotalEnergies.
  • Greece: Hellenic Petroleum, Greece’s largest oil refinery, said Russia’s crude oil accounted for about 15 percent of its feed in the second half of 2021 but could be replaced. It has procured additional supplies from Saudi Arabia.
  • India: Hindustan Petroleum, India’s state refinery, bought 2 million Russian Ural barrels for loading in May, according to trade sources. Indian Oil Corporation, India’s main refinery, bought 3 million Ural barrels for May delivery, trade sources said.
  • Italy: ISAB, Italy’s largest refinery, owned by Switzerland -based Ltasco SA, controlled by Lukoil, operated as usual on March 4th. It processes a variety of crude oils.
  • Hungary: MOL, the Hungarian oil group, said it continues to be supplied by the Druzhba pipeline. Prime Minister Viktor Orban has repeatedly opposed sanctions on Russian oil and gas.
  • Netherlands: Neither the Dutch government nor the Port of Rotterdam has banned Russian oil. About 30 percent of the oil that passes through Rotterdam is Russian. About 20 million tons of Russian oil products pass through the port each year.
  • Poland: PKN Orlen, Poland’s largest refinery, said it buys Russian crude oil for its refineries in Poland, Lithuania and the Czech Republic but is prepared for “any scenario”, including a complete suspension of Russian supplies.
  • Turkey: Turkey has no plans to stop buying Russian crude oil and related products. It opposes sanctions on Moscow. Tupras is the largest refinery in Turkey.

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