The oil procurement strategy of India’s Reliance Industries Ltd. has come under scrutiny after the European Union imposed new restrictions on diesel derived from Russian crude, Bloomberg reported.
In a rare move, Reliance purchased Abu Dhabi’s premium Murban crude late last week, according to traders familiar with the matter. The purchase was made soon after the EU’s latest sanction package was announced on Friday. Reliance, which typically favors Russian Urals and heavier Middle Eastern grades, is not a regular buyer of the more expensive UAE variety.
Separately, sources familiar with the company’s import plans said Reliance has started looking to diversify its crude sources beyond Russia — which has been its largest supplier so far this year. The individuals requested anonymity as they are not authorized to speak to the media.
