SEATTLE (Oil Monster): India's state-owned oil refining company Mangalore Refinery and Petrochemicals Ltd is exploring the possibility of purchasing Venezuelan oil after Western sanctions halted imports of Russian crude, the company's chief financial officer, Devendra Kumar, told Reuters.
According to the top manager, the company strictly adheres to all imposed restrictions and is currently not importing oil from Russia.
"We strictly adhere to all imposed sanctions and are not importing Russian oil at the moment. In the near future, we do not expect any disruptions in our exports of finished products," Kumar said.
Mangalore Refinery is considering purchasing Venezuelan crude if commercial conditions are favorable.
According to the CFO, the decision will depend on the cost of freight and the overall economic feasibility of supplies.
The company owns an oil refinery with a capacity of 500 barrels per day, located in the southern state of Karnataka.
Mangalore Refinery currently meets its oil needs through purchases in the Middle East as well as spot contracts in the global market.
Other Indian refineries also look towards Venezuela
Mangalore is not the only Indian company considering Venezuelan oil as an alternative to Russian.
Potential buyers also include:
Reliance Industries Ltd.
Indian Oil Corp
Hindustan Petroleum Corp
Courtesy: www.reuters.com
