Indian refiners debunk US press report on Russia oil
NEW DELHI: Indian refineries have emerged as a major hub for getting Russian oil to the market as refined products and are using ship-to-ship transfers to hide the origin to skirt US import curbs, The Wall Street Journal said on Wednesday.
The report quoted shipping and trade data to say import of Russian crude by Indian refineries has shot up to 8,00,000 bpd (barrels per day) from 30,000 bpd before the Russia-Ukraine conflict began. This is because of deep discounts of $35 per barrel, particularly on the sought-after Urals crude.
The Journal said refineries are processing this crude and exporting petrol, diesel and chemicals such as alkylate, which is used to boost octane levels in petrol, to the US and Europe as they shun Russian products. It said traders and shippers are opting for high-sea transfers to obfuscate the origins of crude brought from Russia.
The report mentions a ship chartered by Reliance Industries Ltd, India’s largest private refiner that runs the world’s largest refinery complex at Jamnagar, Gujarat, sailing from nearby Sikka port with a cargo of alkylate without mentioning a destination. It updated its destination to a US port three days later and delivered the cargo in New York.
