The chairman of Indian state-run Hindustan Petroleum Corp said on Thursday that India is in talks with Russia on a deal to buy oil at concessional rates, at a time when much of the West is avoiding Russian crude over the conflict in Ukraine.
India, the world’s third-largest oil importer and consumer, is struggling with multi-year high inflation like the rest of the world, and is eager to cut its import bill and protect consumers from rising fuel prices. .
Since Moscow’s invasion of Ukraine on February 24, the country has already bought more than twice as much crude from Russia as it did throughout 2021, according to Reuters calculations, with sources saying Indian buyers are getting discounted prices. Were were
But HPCL chairman Pushp Kumar Joshi’s comments indicate New Delhi is directly involved, at a time when several Western countries have hit Russia with unprecedented sanctions in an attempt to limit their funding for waging war. .
While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned Moscow’s action.
Joshi said, “Discussions are (happening) at jee to ji (government to government) level. We are open to any kind of opportunity and if something is done at jee to g level then we will definitely do it. will be part.” HPCL’s Quarterly Earnings News Conference.
The Group of Seven (G7) has said that they are committed to banning or phasing out Russian oil imports in order to isolate Moscow for the war against Ukraine.
Joshi declined to comment on the quantum and discounts under negotiation, citing “business interests of both sides”.
He said, “Any opportunity to use Russian crude oil in the future is going to come, of course we will use it based on technical and economic need. Understanding it in terms of freight, insurance, (and) various factors Needed.”
Sources told Reuters last month that Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month.
In April, Russia first emerged as the fourth largest oil supplier to India, accounting for about 6% of its purchases.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.