Latest news with #Tuttagunta
Time of India
2 days ago
- Business
- Time of India
Reliance Industries to evaluate impact of EU sanctions on Russian oil trade
Reliance Industries Ltd (RIL) said on Friday it will evaluate the latest round of sanctions imposed by European Union member states targeting Russia's oil and energy revenues , including restrictions that extend to petroleum products refined from Russian crude in third countries -affecting Indian exports. India's crude imports from Russia were valued at $50.3 billion in FY25, accounting for more than a third of the country's total crude bill of $143.1 billion. Indian refiners, including RIL, process this crude and export petroleum products globally, including to the EU. "There will be a wind-down period, we hope, and we'll need to assess the scope of the sanctions-especially how they define products," said Srinivas Tuttagunta , Chief Operating Officer (Supply and Trading), RIL. "In previous instances, definitions allowed for products that were 'substantially transformed'." India exported petroleum products worth $5 billion to the EU last year. Tuttagunta said RIL would review the final text of the sanctions before taking a formal position. "We are quite diversified," he said. "Light distillates primarily go to the US and other destinations, while middle distillates head to Europe. But we also have markets in Africa, Singapore, the Middle East and others." He added that should Europe lose access to certain distillates, margins could rise sharply. "That has been the trend historically, as we saw in 2022 during the initial Russian sanctions." "We'll wait to see the full details. But overall, margins could be constructive again, depending on how the situation evolves," he said.
Time of India
3 days ago
- Business
- Time of India
Reliance Industries to evaluate impact of EU sanctions on Russian oil trade
MUMBAI: Reliance Industries Ltd (RIL) said on Friday it will evaluate the latest round of sanctions imposed by European Union member states targeting Russia's oil and energy revenues, including restrictions that extend to petroleum products refined from Russian crude in third countries -affecting Indian exports. India's crude imports from Russia were valued at $50.3 billion in FY25, accounting for more than a third of the country's total crude bill of $143.1 billion. Indian refiners, including RIL, process this crude and export petroleum products globally, including to the EU. Explore courses from Top Institutes in Select a Course Category Design Thinking healthcare Management Product Management others Technology Finance Data Science Project Management Degree Public Policy Data Science Digital Marketing Data Analytics PGDM Others Artificial Intelligence MBA CXO MCA Cybersecurity Leadership Operations Management Healthcare Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details "There will be a wind-down period, we hope, and we'll need to assess the scope of the sanctions-especially how they define products," said Srinivas Tuttagunta , Chief Operating Officer (Supply and Trading), RIL. "In previous instances, definitions allowed for products that were 'substantially transformed'." India exported petroleum products worth $5 billion to the EU last year. Tuttagunta said RIL would review the final text of the sanctions before taking a formal position. "We are quite diversified," he said. "Light distillates primarily go to the US and other destinations, while middle distillates head to Europe. But we also have markets in Africa, Singapore, the Middle East and others." He added that should Europe lose access to certain distillates, margins could rise sharply. "That has been the trend historically, as we saw in 2022 during the initial Russian sanctions." "We'll wait to see the full details. But overall, margins could be constructive again, depending on how the situation evolves," he said.
