HPCL-Mittal Energy JV suspends Russian oil buy; says ships that delivered oil not under US sanctions
Steel tycoon Lakshmi Mittal’s energy joint venture in India, HMEL, on Wednesday said it has decided to suspend further purchases of Russian crude oil in view of the recent sanctions.
HMEL, the equal joint venture of Mital group and Hindustan Petroleum Corporation Ltd (HPCL), the first Indian company to officially state that it will not buy Russian crude after the US imposed sanctions on large oil producers of Russia.
In a statement, HPCL-Mittal Energy Ltd (HMEL) said it has till now bought Russian oil on a delivered basis – implying the supplier made shipping arrangements. All ships that arrived at Indian ports for such deliveries were unsanctioned.
