Top Russian energy firms are seeking gasoline from Indian refiners after Ukrainian strikes severely impacted Russia’s refining capacity.
Photo : AP
Russia has purportedly turned to India for gasoline supplies after Ukrainian drone strikes crippled a significant portion of its refining capacity, marking a rare reversal in the two countries’ energy trade, Reuters reported, citing sources. India, which is the largest buyer of Russia’s seaborne crude, has already shipped at least one gasoline cargo to Russia, with more exports expected as Moscow reportedly grapples with its worst fuel crisis in years, the report claimed.
Sources at three Indian state refiners claimed that Russian companies had approached them for more gasoline but that they had no surplus volumes to export. Rosneft, Gazprom Neft and Lukoil, are among the companies that have contacted Indian counterparts, including private and state-run refiners, they told Reuters, adding that any supplies would be routed through traders if deals are agreed upon.
Nearly 40% of Russia’s refining capacity is unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter told Reuters.
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Major Indian state refiners including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, the three Russian oil companies, and Russia’s energy ministry have not confirmed the report.
Nayara had denied selling to Russia
This comes after Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia. However, Nayara told Reuters it “has neither sold nor has any plans to sell fuel to Russian companies”.
“Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India,” it said in response to questions from Reuters.