Bloomberg: the world's largest refinery has started looking for a replacement for Russian oil

The Indian company Reliance Industries after the adoption of the of the new EU sanctions package began looking for a replacement for Russian oil. About this writes Bloomberg.

The company that owns the world's largest oil refinery complex bought premium Murban crude in Abu Dhabi at the end of last week. This is a rare occurrence, as this private refinery usually buys much cheaper Russian Urals crude and heavier grades of Middle Eastern origin.

Sources familiar with Reliance's import plans said the company is looking for ways to diversify its oil purchases, despite Russia being the conglomerate's largest supplier of crude this year.

According to ship tracking data collected by Kpler, Russia provided almost half of Reliance's oil. About a fifth of the company's oil products were sold to Europe.

Although it is too early to say whether Reliance will decide to radically abandon supplies from Russia, the agency writes, traders are noting the first signs that the company is looking for alternatives, for example, in the Middle East.

However, it is not yet clear how this large refinery will purchase the estimated 600,000 barrels per day from other producers and at what price, they added.

• New restrictions from the European Union jeopardized Rosneft's plans to sell its stake in Nayara Energy, which operates India's second largest oil refinery. Reliance Industries, owned by billionaire Mukesh Ambani, was named as one of the likely buyers of the Indian company.