RIL Imports Russian Crude: India gets cheap oil from Russia and India has been buying it for years. However, after American opposition, India had reduced the purchase of crude oil from Russia to some extent. Now the news is that Reliance Industries Limited has started buying crude oil from Russia again.
Some time ago Mukesh Ambani’s company had stopped importing Russian oil, but now it is being imported again. This oil will be used in Reliance’s refinery in Jamnagar, Gujarat, where petrol, diesel and other fuels are prepared.
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Actually, America had imposed sanctions on some big oil companies of Russia. After these sanctions, many Indian companies started being cautious in buying Russian oil. For this reason, Reliance also stopped buying oil from Russia for some time. But now the company is buying oil from such suppliers who do not come under the purview of these restrictions.
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What will happen now with the American ban?
On October 22, the US administration had imposed sanctions on two big Russian oil producing companies, Rosneft and Lukoil. Also, refinery companies were given one month’s time to complete their deals with these suppliers. After this order, Reliance had stopped purchasing Russian oil for some time.
Before resuming imports, Reliance had also got an additional month’s exemption from the US administration, so that the company could receive the ships coming under the already signed agreement. This one month permission helped the company to complete old deals within the stipulated time.
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One month time was given to complete the deal
Reliance also buys Russian oil because it is cheaper than other countries. By getting cheap oil, the cost of making fuel reduces and the country also benefits from it. This step of Reliance has come at a time when the import of Russian oil into India had started decreasing. If a big company like Reliance starts purchasing again, then the share of Russian oil in India can be maintained and the energy security of the country will be strengthened.
It is noteworthy that India is among the major oil importing countries of the world and buys most of the oil required from outside. In such a situation, the option of cheap oil is very important for India.
According to the news, this oil is being brought to India through big sea ships i.e. tankers. Jamnagar Refinery is one of the largest refineries in the world, where millions of barrels of oil are refined every day. The fuel made here is supplied to different parts of the country.
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