Reliance Buys 1 Million Barrels Of Crude From Kuwait Petroleum

Reliance has purchased 1 million barrels of heavy crude from Kuwait Petroleum Corporation (KPC) through a tender, according to four trade sources.

KPC issued the tender last week to sell crude that the Al-Zour refinery was unable to process because of unplanned maintenance following a fire. The cargoes — 500,000 barrels of Kuwait Heavy Crude for loading between 6 and 7 December, and an equal volume of Eocene crude for loading between 8 and 9 December — were awarded to Reliance, the sources said.

The purchase prices have not yet been disclosed.

Reliance halted Russian oil purchases last month after Russian producers Rosneft and Lukoil were sanctioned by the United States. Since then, the refiner has sourced at least 12 million barrels of spot crude from the Middle East and the Americas, Reuters has reported.

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