MUMBAI, March 31 — India is snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe as it reshapes global fuel flows more than a...
MUMBAI, March 31 — India is snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe as it reshapes global fuel flows more than a year into Moscow’s war in Ukraine.
On Wednesday, Russian energy giant Rosneft announced a deal to “substantially increase” supplies to the state-owned Indian Oil Company following a visit to India by CEO Igor Sechin.India saved US$3.6 billion by importing discounted crude oil from Russia, in the 10 months after the outbreak of the war, a member of parliament said in December.
Asia’s richest person Mukesh Ambani’s Reliance Industries runs the world’s largest refinery in Gujarat, where he has ramped up purchases of Russian oil. It also helps the bloc avoid supply problems, which would push up prices for consumers already reeling from galloping inflation.
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