Sanctions on Russia oil put Reliance in focus

Crude Shock

- Yongchang Chin, PR Sanjay & Rakesh Sharma

The oil-procurement patterns of Reliance Industries (RIL) are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude.

Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier West Asian varieties.