Reliance Industries Ltd (RIL) is looking to re-sell Middle Eastern crude it recently purchased, in a rare move that follows a halt in Russian oil imports due to US sanctions.
The company stopped lifting cargoes from Russia’s Rosneft last month after US imposed sanctions and bought at least 12 million barrels of spot crude from the Middle East and the Americas.
Reliance, which has a long-term deal to buy nearly 500,000 barrels per day from Rosneft, has said it will comply with international sanctions while maintaining existing supply ties.
The US, EU and UK have tightened curbs on Moscow following its invasion of Ukraine, with fresh restrictions on Rosneft and Lukoil. Companies have until November 21 to wind down transactions with them.
To fill the gap, Reliance purchased 1 million barrels of Abu Dhabi Murban, 2 million barrels of Upper Zakum, 500,000 barrels of Qatar Land, 3 million barrels of Al-Shaheen and Khafji, 2 million barrels of Iraqi Basrah Medium, 2 million barrels of Brazilian Tupi and Sapi, and 2 million barrels of U.S. West Texas Intermediate.
The Middle Eastern cargoes are set to load in December, while Brazilian and US shipments are scheduled for December and January arrivals. Sellers include Totsa (TotalEnergies’ trading arm), BP, Gunvor, Aramco Trading, Repsol, Petrobras, Eni and Vitol.
Traders estimate Reliance’s total spot crude purchases could be closer to 16 million barrels, including undisclosed cargoes. The company is also believed to be seeking additional term supplies from Saudi Aramco, ADNOC, Kuwait Petroleum, and Iraq’s SOMO.
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