The World's Largest Refinery Is Looking For A Substitute For Russian Oil

For example, in the Middle East.

Indian company Reliance Industries has started looking for a substitute for Russian oil after the adoption of a new package of EU sanctions.

This is reported by Bloomberg. The company, which owns the world's largest refinery complex, bought Abu Dhabi's premium Murban crude late last week. This is a rare occurrence as this privately owned refinery usually buys much cheaper Russian Urals crude and heavier grades of Middle Eastern origin.

Sources familiar with Reliance's import plans said the company is looking for ways to diversify its oil purchases with Russia being the conglomerate's biggest supplier of crude this year.

According to ship tracking data collected by Kpler, Russia has provided nearly half of the oil for Reliance. About a fifth of the company's oil products were sold to Europe.

Although it is too early to say whether Reliance will decide to radically abandon supplies from Russia, the agency writes, traders have noted the first signs that the company is looking for alternatives in the Middle East, for example.

It is not yet clear, however, how this major refiner will buy about 600,000 bpd from other producers and at what price, they added.

New restrictions from the European Union have jeopardized Rosneft's plans to sell its stake in Nayara Energy, which operates India's second-largest refinery. Reliance Industries, owned by billionaire Mukesh Ambani, was named as one of the likely buyers of the Indian company.

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