Indian backed refinery to stop purchasing Russian oil
(MENAFN) HPCL-Mittal Energy Limited (HMEL), a joint venture between India’s state-run Hindustan Petroleum Corporation Ltd. and the privately owned Mittal Group, announced on Wednesday that it will suspend further purchases of Russian crude oil following a 50% US tariff imposed last month.
The company, which operates a refinery in Bhatinda, Punjab, stated that the suspension applies pending any outstanding orders and emphasized that it has always acted in compliance with government policy and regulations. All shipments were conducted on a delivered-at-port basis with due diligence and compliance procedures in place.
The US tariff targeted Indian imports partly because of ongoing purchases of Russian oil amid the war in Ukraine. President Donald Trump claimed that Indian Prime Minister Narendra Modi had assured him that New Delhi would halt such purchases.
Despite the suspension by HMEL, Russian Energy Minister Sergey Tsivilev noted earlier that India remains a significant market for Russian oil, with shipments continuing at high levels this year. Russian Deputy Foreign Minister Andrey Rudenko also confirmed that oil deliveries to India were ongoing as of October 20.
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