Mangalore refinery purchases Russian crude

Mangalore Refinery and Petrochemicals Ltd (MRPL) has bought 1 million barrels of Russian Urals crude for may loading via tendering process. The purchase is said to be driven by huge discount on offer.

Refiners from the country have been snapping up Russian Oil through spot tenders since the invasion of Ukraine by Russia on February 24.

With this latest order for crude from Russia the overall Indian booking for oil has reached 14 million barrels since February 24. The country however, has imported 16 million barrels of Russian oil in all 2021.

The US has said that it does not set any red line for India on its energy imports from Russia, but it does not want to see a rapid acceleration in purchases.