Indian Oil continues to buy Russian oil: Chairman A S Sahney
Indian Oil
continues to buy
Russian oil
as it has not been instructed by the government against it, its chairman
A S Sahney
said on Thursday.
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US President Donald Trump
has imposed a 25% penalty on India for importing Russian oil, in addition to 25% tariffs. The penalty is yet to take effect. Trump is meeting Russian President Vladimir Putin in Alaska on Friday to explore a peace deal on Ukraine.
US Treasury Secretary Scott Bessent warned in a TV interview on Wednesday that Washington could raise secondary tariffs on India if the Trump–Putin talks didn't go well.
'Neither we are being told to buy nor told not to buy (Russian oil),' Sahney said of the Indian government's stance on the issue.
'We are not making extra effort for either increasing or decreasing the share of Russian crude,' said Sahney. Russian oil accounted for about 22% of the crude processed by India's largest refiner in the April–June quarter. 'More or less the share will remain the same (in the near future),' Sahney said, adding that economics was driving the purchase decision.
However, if a penalty is imposed, 'then it goes beyond the scope 'of the company, Sahney said.
He pointed out that there was no sanction on Russian crude. 'There is only price cap,' Sahney said, adding that the company was abiding by it.
Russian oil was currently being sold at a discount of around $1.5 per barrel to the benchmark Brent, a
BPCL
executive said. Discounts have narrowed over time as there are too many takers, just within India and China.
For
Indian refiners
, Russian oil makes up about a third of their requirements on average.
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