Reliance Industries said on Friday that it will follow the European Union’s latest directives on refined fuel exports to Europe, after new sanctions were imposed on Russia’s crude oil trade.
The company also noted that it would, as in the past, fully comply with any instructions issued by the Government of India on this matter.
Reliance, India’s leading buyer of Russian crude, refines the imported oil into petrol, diesel and other fuels at its vast Jamnagar complex on the Gujarat coast, supplying both local and overseas markets.
A major share of the refinery’s annual 35-million-tonne capacity currently relies on Russian crude.
The firm has now indicated that it will broaden its sources of crude supply to offset the impact of the sanctions, with adjustments planned at the Jamnagar facility to meet the needs of the domestic market as well as Europe.
Company Statement on Compliance
“We have noted the recent restrictions announced by the EU, UK and the US on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements. We will comply with the EU’s guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India’s energy security,” a Reliance spokesperson stated.
The spokesperson further added that the firm would continue to uphold its unbroken record of adhering to international sanctions and legal standards, making operational changes at its refinery to ensure full compliance.
“As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers. Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe,” the spokesperson asserted.
With the United States imposing sanctions on Russia’s largest oil producers, Rosneft and Lukoil, the supply of Russian crude to India’s major refiners is likely to drop significantly.
Citing Bloomberg, reports suggest that Reliance has already arranged substantial shipments of crude from the United States and the Middle East, which are likely to reach the Jamnagar refinery in December or January.
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