Ambani’s Reliance Industries owns and runs the largest oil refining complex in the world, placed an order for over 15 million barrels of oil from Russia since Ukraine was invaded by the largest country in the world.
According to official sources, the largest Indian conglomerate purchased an average of 5 million barrels every month during the 2nd quarter. The company was contacted for a comment but their representatives have remained quiet about it.
Prior to the military invasion, Indian companies, which includes Reliance, generally strayed away from Russia oil due to the heavy tariffs and freight costs.
But ever since the invasion, companies and countries all around the world have pulled their operations out of Russia and placed an embargo on the country. Countries have also cut trade ties with them. This has caused oil prices around the world to surge but at the same time has contracted the Russian economy drastically. This has forced the largest country in the world to sell their oil at lower prices even below the market value.
Due to this, the Indian government and private companies has pounced on this discount and have been importing millions of barrels of oil from the third largest exporter of it. Even with buying oil for cheap, Indian residents are still hit hard by rising oil prices. The price of petrol, diesel, and compressed natural gas for autos have skyrocketed over the past month and it doesn’t seem like it’s going to come down anytime soon.
Currently, the country imports over three quarters of the oil that is used. Around five million barrels are consumed by India on a daily basis and around 85% of it imported from other countries. Russia’s chunk in the 85% has slowly been increasing ever since their prices slumped due to the embargo.
The country has requested the countries to have a ceasefire and to stop the needless fighting and even asked for the safety of the citizens and to stop the unnecessary damage of a beautiful country. However, India has yet to condemn Russia’s horrible and inhumane actions. During many United Nations meetings about the invasion, India chose to abstain from the voting.
Reliance’s order is set to arrive in India in less than two weeks according to official sources. Reliance currently has two rigs in the western coast of Jamnagar located in Gujarat. Around a million and a half barrels go through refining just there.