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India’s Reliance Industries, the operator of the world’s largest refining complicated, is snapping up Russian refined fuels, together with uncommon purchases of naphtha after some Western patrons stopped Russian imports, commerce flows information from Refinitiv confirmed.
Western sanctions in opposition to Russia over its invasion of Ukraine have led to the emergence of uncommon commerce routes for Russian crude and refined merchandise that had been primarily offered to European international locations.
India imported about 410,000 tonnes of naphtha, used for making petrochemicals, in Sept-Oct, the Refinitiv information confirmed.
Of this determine, Reliance acquired about 150,000 tonnes from the Russian ports of Ust-Luga, Tuapse, and Novorossiysk through the two months, the info confirmed.
The personal refiner didn’t purchase Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha had been restricted to only one parcel in 4 years to 2019, the info confirmed.
The information confirmed a Panamax service Okyroe crusing in the direction of India laden with about 59,000 tonnes of Russian naphtha.
“With European international locations shutting down Russia, they should discover shops for his or her naphtha,” a dealer primarily based in India mentioned, referring to Russian corporations.
Russian naphtha is being offered at decrease premiums to international locations like India, two Asian naphtha merchants mentioned.
FUEL OIL IMPORTS SURGE
Reliance, its two crops collectively able to processing 1.4 million barrels of oil a day, has emerged as a key purchaser of Russian oil since Moscow’s February navy motion in Ukraine.
It additionally buys straight-run gas oil from international locations, together with Iraq and Russia, to course of at cokers within the two refineries within the western Indian state of Gujarat to spice up refining margins.
Reliance’s gas oil imports from Russia have surged to a file 3 million tonnes for the reason that starting of this fiscal yr in April, versus about 1.6 million for all of 2021/22, Refinitiv information exhibits.
Reliance is anticipated to obtain about 409,000 tonnes of gas oil in December, the info confirmed.
Reliance didn’t reply to Reuters emails looking for feedback.
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