Reliance Industries Ltd has placed orders for at least 15 million barrels of Russian oil since Russia Ukraine Crisis

Since the Russian-Ukrainian conflict began in February, Reliance Industries Ltd has placed orders for at least 15 million barrels of Russian oil.

According to The Economic Times, the company acquired nearly five million barrels of the same every month on average in the June quarter.

Due to high freight costs, Reliance appears to have acquired very little Russian oil prior to the current conflict.

According to Refintiv’s tanker flow data, about eight million barrels of Russian oil were delivered to the Reliance-operated Sikka port between the 5th and 9th of May.

Litasco, a Russian dealer, delivered the majority of these barrels. Reliance is now purchasing this oil on a delivered basis.

The Mukesh Ambani-owned business will get its first shipment of ESPO oil from Russia in early May. China receives the majority of this grade of oil.

In Jamnagar, Reliance runs two refineries with a combined capacity of 1.4 million barrels per day (BPD).

Since the beginning of the war in February, several Indian refineries, both state-owned and commercial, have been acquiring relatively inexpensive Russian oil.