NEW DELHI: India’s largest private refinery and top importer of Russian oil, Reliance Industries, has bought millions of barrels of crude from the Middle East and US after Washington moved to sanction Russia’s two largest oil companies earlier this week.
The latest development comes amid trade talks between Delhi and Washington, following US President Donald Trump’s hefty tariffs on Indian exports, which have risen to 50 percent since August as a penalty for importing Russian oil.
Reliance, which operates the world’s biggest refining complex in western Gujarat state, has purchased at least 2.5 million barrels, including Saudi Arabia’s Khafji, Iraq’s Basrah Medium and Qatar’s Al-Shaheen, along with some US West Texas Intermediate crude, according to Bloomberg.
In a statement shared with Arab News on Saturday, Reliance’s spokesperson said that the company was committed to adhering to Western sanctions and would be “adapting the refinery operations to meet the compliance requirements.”
“Reliance will address these conditions while maintaining the relationships with its suppliers,” the statement read.
