Reliance Buys 15 Million Barrels Of Russian Oil Since February: Report

Reliance Industries Ltd has ordered at least 15 million barrels of Russian oil since the war between Moscow and Ukraine began in February.

The conglomerate has bought about five million barrels of the same on average a month for the June quarter, The Economic Times reports.

Reliance apparently hardly purchased Russian oil prior to the ongoing war due to high freight costs.

Refintiv’s tanker flow data reveals that around eight million barrels of Russian oil has been supplied to the Reliance-operated Sikka port during the ongoing 5^th April-9^th May period.

The majority of these barrels were delivered by the Russian trader Litasco. This oil is being bought by Reliance on a delivered basis as of now.

The Mukesh Ambani-owned industry is all set to get its first parcel of the ESPO oil from Russia in early part of May. This grade of oil is mostly supplied to China.

Reliance operates two refineries in Jamnagar that can process 1.4 million barrels per day (BPD) of oil.

Several Indian refineries, both the state-owned and private ones, have been securing relatively cheaper Russian oil since the onset of war in February.