Unprecedented move by Reliance Industries – oil importer mulls selling Middle East oil cargo in India and abroad

Mukesh Ambani-led Reliance Industries is seeking to sell some cargoes of Middle Eastern oil to domestic and international buyers, according to a report by Bloomberg.

The move comes amid US sanctions on Russia’s two biggest vertically integrated oil companies — Rosneft and Lukoil. As a result, refiners in India, the world’s third-largest importer of crude, are trying to diversify their supply sources. Reliance Industries released a statement saying that it will comply with guidelines on the import of refined products from or in Europe. “Whenever there is any guidance from the Indian government in this respect, as always, we will be complying fully,” the company said.