India is the largest buyer of crude oil shipped by sea from Russia, so Moscow’s efforts to secure gasoline supplies from India represent an unusual shift in the countries’ energy trade relations, highlighting the scale of disruption caused by the strikes in Ukraine. Moscow is currently experiencing its biggest gasoline crisis.
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At least one shipment of Indian gasoline has already sailed to Russia, with more expected; moreover, if there are no new attacks, nearly 40% of Russia’s oil refining capacity is unlikely to be restored for at least 2 months, said one source knowledgeable on the matter.
The source said that “Rosneft,” “Gazprom Neft,” and “Lukoil” are among the companies that have contacted Indian partners, including private and state-owned refineries, and added that if deals are agreed, any supplies will be routed through traders.
Sources from three Indian state-owned refineries said Russian companies approached them for larger gasoline volumes, but they do not have surplus quantities for export. They and two other sources spoke on condition of anonymity to discuss sensitive issues.
India’s Oil Minister Hardeep Singh Puri stated this month that Indian companies do not sell fuel to Russia, but there is a possibility that Russia acquires Indian-origin fuel through traders, Reuters reports.
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One source well-versed in the matter said any further supplies from India to Russia could be carried out by transshipping cargo from one vessel to another. The source added that Russia would seek to secure diesel supplies if Ukrainian attacks destroyed more refining capacity, although current fuel stocks are sufficient.
Reuters reported earlier this month that traders sold Russia gasoline produced at the Indian refinery Nayara Energy, part-owned by Rosneft.
15min reminds that Ukraine has recently been actively attacking Russian oil refineries. President Volodymyr Zelensky has said that there is not a single major oil refinery in Russia that has not been hit by Ukrainian strikes.
