Indian state-owned oil refining company Mangalore Refinery and Petrochemicals Ltd is considering purchasing Venezuelan oil after ceasing imports of Russian crude to comply with Western sanctions. This was reported by Reuters, citing a statement by the company's chief financial officer, Devendra Kumar, writes UNN.
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MRPL operates a 500,000 barrels per day refinery in the southern state of Karnataka. About 40% of the fuel produced is exported.
We strictly adhere to all applicable sanctions, and currently no Russian oil is being imported
He also added that higher margins from refined fuel exports would offset the loss of Russian oil.
Choosing Venezuela as a potential supplier could help MRPL stabilize raw material supplies and continue export operations in the global market.
Kumar added that the company is actively considering Venezuelan oil if commercial terms, including transportation tariffs, are favorable.
Despite this, Kumar assured: "In the near term, we do not anticipate any disruptions to our finished product export supplies."
MRPL covers about 40% of its oil needs through purchases from the Middle East, and the rest through spot markets and processing domestic raw materials. Other major Indian refiners, including Reliance Industries, Indian Oil Corp, and Hindustan Petroleum Corp, are also considering purchasing Venezuelan oil.
To increase profits, MRPL has focused on direct retail sales of fuel rather than selling to other refiners.
The company plans to expand its network to 500 gas stations within three years (currently 200) and reach 1,000 stations within five years.
India's largest refinery claims to have stopped buying Russian oil07.01.26, 02:42 • [views_4541]