Reliance rejects claim of 2.2 million barrels of Russian crude bound for Jamnagar: 'Blatantly untrue'

Reliance Industries Limited (RIL) on Tuesday strongly denied a report that claimed three vessels carrying Russian crude oil were heading to its Jamnagar refinery, calling it “blatantly untrue”.

In a statement, Reliance said its Jamnagar refinery has not received any cargo of Russian oil over the past three weeks and is not expecting any deliveries of Russian crude in January.

“A news report in Bloomberg claiming that three vessels laden with Russian oil are heading for Reliance Industries Limited’s Jamnagar refinery is blatantly untrue,” the company said, adding that it was “deeply pained” that its denial was ignored before the report was published.

The Bloomberg report had claimed that at least three tankers carrying about 2.2 million barrels of Russia’s Urals crude were signaling Reliance’s Jamnagar complex as their next destination, citing data from analytics firm Kpler.

It said the vessels were expected to deliver their cargoes early this month, while noting that shipping destinations can change as vessels approach their discharge ports.

“We are deeply pained that those claiming to be at the forefront of fair journalism chose to ignore the denial by RIL of buying any Russian oil to be delivered in January and published a wrong report tarnishing our image,” Reliance said.

To be sure, the report carries a Reliance spokesperson's statement denying that cargoes had been purchased by the company.

The Bloomberg report also noted that Reliance had earlier scaled back Russian oil purchases after the United States blacklisted major Russian producers and that India’s refiners have reduced buying amid heightened scrutiny of New Delhi’s trade with Moscow by US President Donald Trump.

Reliance, controlled by billionaire Mukesh Ambani, operates the world’s largest refining complex at Jamnagar on India’s west coast.

In October, the United States imposed sweeping sanctions on Rosneft and Lukoil, two of Russia’s largest oil companies.

“Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to Government of India guidelines on the extent of recalibration,” Reuters had quoted a Reliance spokesperson as saying.

Reliance, India’s largest buyer of Russian crude, accounted for about half of the country’s 1.7 million barrels per day (bpd) imports from Moscow.

In December 2024, it signed a long-term supply deal with Rosneft for up to 500,000 bpd of oil for 25 years, while also purchasing through spot trades.

Russian oil is purchased by private refiners such as Reliance and Rosneft-backed Nayara Energy, as well as state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Mangalore Refinery and Petrochemicals Ltd (MRPL), and HPCL-Mittal Energy Ltd.