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India's Reliance to buy up to 150,000 bpd of Russian oil from February
['Nidhi Verma', 'Thu', 'January At Pm Gmt', 'Min Read']
Yahoo News Singapore - Latest News & Headlines
By Nidhi VermaSOUTH GOA, India, Jan 29 (Reuters) - India's Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said on Thursday.
Reuters earlier this month reported that Reliance was set to receive sanctions-compliant Russian oil in February and March after a one-month pause.
Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the Russian oil producer Rosneft beyond a November 21 deadline.
The U.S. imposed sanctions on Rosneft and fellow Russian oil giant Lukoil in October but non-sanctioned Russian companies and trading intermediaries have continued sales.
Reliance was previously importing Russian crude under a long-term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million-bpd Jamnagar refinery complex in Gujarat state.