Reliance Industries is likely to avoid purchasing Russian fuels for its plants due to the western sanctions on Moscow on the backdrop of their ongoing conflict with Ukraine.
The conglomerate acquires Urals crude and straight run fuel oil for its refineries from Russia. On the other hand, it meets its demands for the petrochemical feedstock from the middle-eastern countries and the United States of America (USA).
“Even if we can source some of the feeds (from Russia), probably we will be out of it because of the sanctions,” Reliance’s senior executive Rajesh Rawat was quoted in a report by Reuters.
Indian Oil Corporation Limited (IOC) and Hindustan Petroleum Corporation Limited (HPCL) have already taken up Russia’s offer of discounted crude oil.
HPCL and IOL have bought two million and three million barrels of Russian Urals crude via tenders respectively.
Rawat explained that the majority of oil supplies from Russia to India will be to companies run by the centre.
“So probably, those feed streams will still continue, or may have a lesser impact compared to the private sector players. Because we deal with banks, and also even if we can source some of the feeds (from Russia), probably we will be out of it because of the sanctions,” he further elaborated on the issue.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.