State-run Hindustan Petroleum Corporation Limited (HPCL) said that the company is not significantly dependent on Russian crude oil as it is not economical for the refiner, ET Now reported citing HPCL chairman’s Q2 concall address. Days after US President Donald Trump imposed sanctions on two Russian oil companies, some Indian refiners have paused new orders for Russian oil as they await clarity from the government and suppliers.
The oil refiner processed 5 per cent Russian oil in Q2 FY26.
However, state-owned Indian Oil Corp. said earlier it would not stop buying Russian oil as long as it is complying with sanctions.
“Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions,” Anuj Jain, Indian Oil’s finance director, clarified during a post-earnings call. “Today if somebody comes to me with a non-sanctioned entity, and the cap is being complied with, and the shipping is okay, then I will continue to buy it,” he said.
Earlier on Tuesday, HPCL-Mittal Energy Ltd (HMEL) also suspended purchases of Russian crude oil, clarifying that the vessels, which delivered previous consignments, were not under international sanctions.
HMEL, a joint venture between state-run HPCL and steel tycoon Lakshmi Mittal’s Mittal Energy Investments, said it will continue to review its position and comply with government policy and applicable laws.
India became the largest importer of seaborne Russian crude oil since Moscow’s 2022 invasion of Ukraine. However, with tightening U.S. restrictions on Russia’s oil industry, Indian refiners are turning to alternative sources, including the Americas, to ensure steady supplies.
According to data, India’s crude oil imports from the US surged to their highest level since 2022 in October. This move reflects New Delhi’s push to diversify energy sources away from Russia and ease trade frictions with the Trump administration.
According to data from Kpler, India imported about 540,000 barrels per day (bpd) of U.S. crude as of October 27, the highest in nearly three years. Full-month shipments are expected to close around 575,000 bpd, while November volumes are projected between 400,000 and 450,000 bpd, based on U.S. export data. That marks a steep rise from the year-to-date average of roughly 300,000 bpd.
HPCL chairman also announced that HPCL is aiming to double the Chhara LNG terminal capacity to 10 MMTPA.
