Mukesh Ambani-led Reliance Industries is seeking to sell some cargoes of Middle Eastern oil to domestic and international buyers, according to a report by Bloomberg.
The move comes amid US sanctions on Russia’s two biggest vertically integrated oil companies — Rosneft and Lukoil. As a result, refiners in India, the world’s third-largest importer of crude, are trying to diversify their supply sources. Reliance Industries released a statement saying that it will comply with guidelines on the import of refined products from or in Europe. “Whenever there is any guidance from the Indian government in this respect, as always, we will be complying fully,” the company said.
Reliance offers Murban and Upper Zakum grades on spot market
According to Bloomberg report, Reliance Industries has been trying to sell a range of oil grades including Murban and Upper Zakum in the spot market. However, It remains unclear how much crude Reliance industries is looking to offload.
Reliance Industries, a major importer of oil from the Middle East (referring to west Asia) and Russia, has already sold a cargo of Iraqi Basrah Medium crude to a Greek buyer.The refiner previously had a term supply deal for around 500,000 barrels a day of oil from Russian producer Rosneft PJSC.