India becomes the largest exporter of oil products to EU, companies are earning a lot by refining cheap Russian oil.
year 2024 India’s exports of fuels like diesel to the EU increased by 58 percent in the first three quarters of 2017. This information was given in a monthly monitoring report. In such a situation, it is believed that there is a major share of crude oil coming from Russia, which is being refined and sent to Europe. In December 2022, the European Union and G7 countries imposed sanctions on Russia and imposed price limits and restrictions on its crude oil imports. However, the lack of clarity in policy on refined fuels made from Russian crude meant that countries not subject to sanctions could import large quantities of Russian crude and convert them into refined products and sell them legally to countries subject to sanctions. Can export.
India is the second largest buyer of Russian crude oil
After Russia’s invasion of Ukraine, India has become the second largest buyer of Russian crude oil. The country’s imports from Russia were less than one percent of total imported oil before the Ukraine war and purchases have increased to nearly 40 percent after the war. Taking advantage of loopholes in refining rules, India has now become the largest exporter of oil products to the EU, the Center for Research on Energy and Clean Air (CREA) said in its latest report.
Exports are taking place heavily to the European Union
According to the report, exports to the EU from Jamnagar, Vadinar (Gujarat) and Mangalore refineries increased by 58 percent year-on-year in the first three quarters of 2024. Reliance Industries Ltd has oil refineries in Jamnagar, while Russia’s Rosneft-backed Nayara Energy has a unit in Vadinar. Mangalore Refinery and Petrochemicals Limited (MRPL) is a subsidiary of state-owned ONGC.
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