Mangalore Refineries and Petrochemicals is scouting for oil from alternative sources sold at a discount while hoping to continue buying Russian oil, its managing director Mundkur Shyamprasad Kamath said on Wednesday.
US President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured that India will stop buying oil from Russia, India’s top source of imported oil. Washington wants to curb revenue to Moscow in the hope of ending its war on Ukraine.
Indian refiners have taken advantage of the discounted prices Russia has been forced to accept for its oil after the US and the European Union imposed sanctions on Moscow in 2022.
Russian oil accounted for about 35 per cent to 40 per cent of MRPL’s overall oil imports in the September quarter, he said.
MRPL operates a 300,000 barrels per day refinery in the southern state of Karnataka.
“We have already started looking at other crudes which are available on discount by our own methods of sourcing crude,” Kamath told analysts on a call, adding the government has maintained that India will continue to favour the lowest cost sources.
“So we are confident that it will continue in the near future,” he said, referring to Russian oil imports.
He said his company would look at buying US oil, but it had not been attractive in previous quarters.
“And on an economic basis, I am confident that we will be able to sail through,” he said.
