MUMBAI: India is snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe as it reshapes global fuel flows more than a year into Moscow's war in Ukraine. New Delhi has resisted Western pressure to freeze out Moscow, opting instead to strengthen trade ties with
MUMBAI: India is snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe as it reshapes global fuel flows more than a year into Moscow's war in Ukraine.
On Wednesday, Russian energy giant Rosneft announced a deal to"substantially increase" supplies to the state-owned Indian Oil Company following a visit to India by CEO Igor Sechin.India saved US$3.6 billion by importing discounted crude oil from Russia, in the 10 months after the outbreak of the war, a member of parliament said in December.
Together with India's second-largest refiner Nayara - of which Russia's Rosneft owns 49 per cent - Reliance imports 45 per cent of Russian crude that comes into India, data from cargo tracking firm Vortexa shows.But thanks to a surplus India has emerged as a major supplier of petrol and diesel - some of it refined from Russian crude - to Europe and elsewhere.
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