Indian company resumes purchases of russian oil

This was reported by Bloomberg.

The company purchases barrels from unauthorised suppliers for an oil refinery in Gujarat.

Reliance has signed a contract for Aframax tankers with RusExport and is directing flows to a 660,000-barrel-per-day refinery that supplies domestic consumers.

Reliance's return to the market is likely to reduce the decline in India's purchases of russian oil. Local officials predicted that russian oil imports would more than halve this month (to 800,000 barrels per day from an average of 1.9 million barrels per day in November).

The Indian company suspended purchases from russia after the United States imposed sanctions on Rosneft and Lukoil on 22 October.

In addition to the 660,000 barrels per day plant in Jamnagar, which supplies the domestic market, Reliance also has a 700,000 barrels per day facility there that is export-oriented.

The export-oriented refinery last received a shipment of russian crude oil on 20 November. Since then, all russian imports have gone to its refinery, which is focused on domestic sales.

Source: Ekonomichna Pravda, Bloomberg