Reliance Denies Russian Oil Shipments, Slams 'Blatant Untruth' in Bloomberg Report

Image Source: Internet

Reliance Industries has refuted claims that it received or expects to receive Russian crude oil shipments, calling a recent Bloomberg report 'blatantly untrue'. According to a statement from the company, its Jamnagar refinery has not received any Russian oil in the past three weeks and will not receive any in January. The clarification comes after a report suggested that at least three tankers carrying Russian crude oil had indicated Reliance's refinery as their next stop. Reliance had announced in November that it would stop using Russian crude at the export-oriented section of its refinery, but would continue to source oil from non-sanctioned Russian producers for domestic consumption. The move is part of a broader effort by India to reduce its dependence on Russian oil, following international pressure and warnings from the US government. India's oil imports from Russia had risen to $3.72 billion in value in November, but analytics firm Kpler reported a decline in imports from Russia in December. In contrast, India's oil imports from the US increased to $1.44 billion in November, part of a broader effort by India to raise energy purchases from the US from $15 billion to $25 billion. The increased imports from the US are linked to a one-year agreement signed by Indian public sector oil firms to import 2.2 million tonnes of Liquefied Petroleum Gas.