India’s Reliance Industries, operator of the world’s premier refining complex, is snapping up Russian refined fuels, such as unusual purchases of naphtha, soon after some Western consumers stopped Russian imports, trade flows details from Refinitiv confirmed.
Western sanctions towards Russia more than its invasion of Ukraine have led to an emergence of exceptional trade routes for Russian crude and refined products and solutions that were being generally marketed to European international locations.
India imported about 410,000 tonnes of naphtha, made use of for creating petrochemicals, in Sept-Oct, the Refinitiv details confirmed.
Of this determine, Reliance obtained about 150,000 tonnes from the Russian ports of Ust-Luga, Tuapse and Novorossiysk for the duration of the two months, the details showed.
The private refiner did not acquire Russian naphtha in 2020 and 2021. Its once-a-year imports of Russian naphtha were being restricted to just just one parcel in four a long time to 2019, the details confirmed.
The data showed a panamax carrier Okyroe sailing in the direction of India laden with about 59,000 tonnes of Russian naphtha.
“With European countries shutting down Russia, they require to find outlets for their naphtha,” a trader based mostly in India stated, referring to Russian corporations.
Russian naphtha is becoming marketed at reduce rates to countries like India, two Asian naphtha traders said.
Gasoline OIL IMPORTS SURGE
Reliance, its two plants alongside one another able of processing 1.4 million barrels of oil a day, has emerged as a key customer of Russian oil because Moscow’s February armed forces motion in Ukraine.
It also purchases straight operate gas oil from international locations, like Iraq and Russia, to procedure at cokers in the two refineries in the western Indian point out of Gujarat to raise refining margins.
Reliance’s fuel oil imports from Russia have surged to a file 3 million tonnes since the beginning of this fiscal calendar year in April, as opposed to about 1.6 million for all of 2021/22, Refinitiv data demonstrates.
Reliance is anticipated to acquire about 409,000 tonnes of gas oil in December, the facts showed.
Reliance did not reply to Reuters e-mail trying to get feedback.