Reliance, which is controlled by billionaire Mukesh Ambani and operates the world’s largest refinery complex at Jamnagar in the western state of Gujarat, has a long-term contract to buy nearly 500,000 barrels of crude oil per day from Russian oil giant Rosneft.
The European Union, the United Kingdom and the United States have imposed a series of sanctions on Russia over the war in Ukraine, including new US sanctions on Thursday targeting Russia’s two biggest oil producers, Lukoil and Rosneft.
The US has given firms until November 21 to end their transactions with Russian oil producers.
The EU, which previously announced that starting January 21st it will not take over fuel produced by refineries that received or processed Russian oil 60 days before the date of the shipment, adopted the 19th package of sanctions on Thursday.
– As is common in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address those conditions while maintaining relationships with its suppliers, the spokesman said in an emailed statement, without mentioning its contract with Rosneft.
Reuters reported on Thursday that Reliance plans to stop importing oil from Rosneft.
The refinery also buys Russian oil through intermediaries.
Reliance had previously announced that it would comply with EU guidelines on imports of refined products.
The refiner said diversifying its crude purchases would help it weather European sanctions, without specifying whether it would stop buying Russian oil for its 1.4 million bpd refinery complex in the western state of Gujarat.
– Reliance is confident that its proven and diversified crude oil procurement strategy will continue to ensure stability and reliability in the operation of refineries to meet domestic and export needs, including those in Europe – said the spokesman, according to Reuters.
(Vijesti.ba / FENA)
