Indian oil refineries are importing cheap crude oil from Russia, refining it, and exporting a large portion of the processed products to European markets. In September, countries including the European Union, Australia, the United States, and New Zealand purchased petroleum products worth 1 billion euros from India, Turkey, and Brunei. According to a report by the Centre for Research on Energy and Clean Air, these exports have increased by 43% compared to August. The European Union has emerged as the largest buyer, accounting for 667 million euros worth of these products.
Similarly, Australia imported petroleum products worth 168 million euros, the United States 154 million euros, and New Zealand 19 million euros. Products worth 295 million euros were manufactured using Russian crude oil. The refinery operated by Reliance Industries in Jamnagar, Gujarat, plays a prominent role in this regard. Although the EU imposed restrictions on Russian oil, the Jamnagar refinery supplied 6 out of the 7 ships that were offloaded at European ports in September. Between July and September, Russian crude oil accounted for 32% of the total crude oil imported by the Jamnagar refinery. Exports of refined petroleum products have increased. However, India’s imports of Russian oil declined by 13% in September. Despite this, India remains the second-largest buyer of Russian oil, following China. In September, it stood at 4.1 billion euros.
