Reliance Industries Oil Refinery recently bought Murban from Abu Dhabi, though it was “expert” in cheap oil.
The largest Indian Reliance industries oil refinery, owned by the billionaire Mukush Ambani, began to look for an alternative to Russia’s oil. The reason for this is that the company’s policy is under close attention after the introduction of the restrictions of the new EU diesel. This was reported by the Bloomberg news agency.
By the end of last week, reliance got Murban oil from Abu Dhabi – it was a rare purchase for him. Usually, the company buys cheaper varieties, such as the Russian Urals and Heavy Middle Eastern brands. Buying Murban immediately after the introduction of a package of penalties indicates possible changes in the approach.
Hope began to look for ways to change -to get it to reduce hope in Russia. The latter is still the largest oil supplier for the company until 2025.
The hope and other Indian processors are among the largest beneficiaries of the Moscow War against Ukraine.
Europe left Russia’s oil, which led to the decreased prices for its supply. Indian companies actively buy cheap oil and processed them with diesel fuel, which was then sold to European clients. Nearly half of the religance oil imports this year arrived in Russia.
Nearly 20% of all hopeful products, including diesel, are exported to Europe. Today the company is at the center of pressure of the new package of penalties in the EU, which will be entered into force on January 21 next year.
It was too early to talk about a sharp abandonment of Russia’s oil, but entrepreneurs noticed the first search signs for alternative suppliers in the Middle East.
India criticized the new penalty for the EU. Foreign country’s foreign minister Vikram Misri said that in the introduction of a second penalty, it was necessary to maintain a “balance”.
As you know, the European Union approved 18 packages of sanctions against Russia. One of its key points is a significant decrease in the ceiling of Russian oil prices. The package also included sanctions against 105 ships of the “Shadow Fleet” of the Russian Federation.
The Russian Federation could lose $ 19 billion income due to a new ceiling of oil prices – analysts
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.