NEW DELHI– Reliance Industries Ltd. said Friday it will comply with new European Union and United States sanctions on Russian crude oil and refined products, signaling operational adjustments at its Jamnagar refinery to meet evolving international rules.
The company confirmed that it will follow EU guidelines restricting imports of refined products tied to Russian crude, adding that it would also adhere to any directions issued by the Indian government.
“Reliance is currently assessing the implications, including new compliance requirements. We will comply with the EU’s guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully,” a company spokesperson said.
Reliance, India’s largest refiner and the biggest importer of Russian crude, processes significant volumes of Russian oil at its 35-million-tonne-per-year Jamnagar complex in Gujarat. The refined products are sold both domestically and abroad, including to Europe.
The company indicated that it plans to diversify its crude sourcing to fill any shortfall resulting from sanctions, ensuring continued operations and supply reliability.
“As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining relationships with suppliers,” the spokesperson added. “Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in refinery operations for meeting both domestic and export requirements, including to Europe.”
The firm emphasized its commitment to full compliance with all sanctions and regulatory frameworks.
Industry analysts expect Russian crude supplies to Indian refineries to decline sharply after the United States expanded sanctions on Rosneft and Lukoil, Russia’s two largest oil companies. According to Bloomberg, Reliance has already secured additional crude shipments from the U.S. and the Middle East, expected to arrive in Jamnagar between December and January. (Source: IANS)
