NEW DELHI: India’s Reliance Industries has stopped importing Russian crude oil into its refining complex at Jamnagar in western Gujarat state, effective November 20, its spokesperson said on Thursday.
The Indian conglomerate, which has a long-term deal to buy nearly 500,000 barrels a day of crude from Russian major Rosneft had said it would abide by sanctions against Moscow while maintaining ties with current oil suppliers.
Britain, the European Union and the U.S. have imposed sanctions on Russia over its war in Ukraine, with fresh U.S. sanctions targeting its two top oil producers, Rosneft and Lukoil.
From December 1, all product exports from the refinery will be obtained from non-Russian crude oil, the Reliance spokesperson said in a statement.
Reliance said this transition has been completed ahead of schedule to ensure full compliance with product-import restrictions coming into force on January 21.
The U.S. has given companies until November 21 to wind down transactions with the Russian oil producers, while the EU has previously said that from January 21 it will not take fuel produced at refineries that received or processed Russian oil 60 days prior to the bill of lading date.
Europe accounts for 28% of Reliance’s exports.
Reliance also said that all pre-committed liftings of Russian crude oil as of October 22 are being honoured, considering all transport arrangements were already in place.
The final such cargo was loaded on November 12 and any cargoes arriving on or after November 20 will be received and processed at its refinery in the Domestic Tariff Area, Reliance said.
