Reliance Eyes Diversifying Oil Amid EU Sanctions

25 Jul 2025 CW Team

India’s Reliance Industries Ltd. is facing fresh scrutiny over its oil procurement strategy following new European Union restrictions on diesel produced from Russian crude. The private refiner, owned by billionaire Mukesh Ambani, made a rare purchase of Abu Dhabi’s premium Murban crude late last week, just after the EU’s latest sanctions package was announced. Traders noted that Reliance typically avoids the costlier UAE grade, favouring discounted Russian Urals and heavier Middle Eastern varieties.

According to sources familiar with the matter, Reliance has begun exploring alternative crude sources beyond Russia, which has been its largest oil supplier this year. The individuals, who requested anonymity due to the sensitivity of the matter, said the company appears to be gradually adjusting its procurement mix in response to evolving geopolitical risks.

Ship-tracking data from Kpler shows that Russian oil accounted for nearly 50 per cent of Reliance’s crude imports so far in 2025, while about 20 per cent of its refined fuel exports were shipped to Europe. The EU’s new restrictions, effective from 21 January next year, aim to curb the indirect sale of Russian-origin fuel to European markets—placing Reliance under closer regulatory observation.

Reliance, along with other Indian refiners, has been a major beneficiary of discounted Russian crude following the 2022 Ukraine conflict, which allowed Indian firms to maximise margins by exporting diesel to Western countries. However, with mounting regulatory pressure, traders believe Reliance may be testing the waters with alternatives from the Middle East, though it remains uncertain how it plans to replace up to 600,000 barrels per day of Russian crude—and at what price.

Meanwhile, India has expressed concern over the EU’s widening sanctions. Foreign Secretary Vikram Misri called for a “balanced” approach regarding secondary restrictions on Russian oil and gas trade during remarks on Tuesday.

Real Estate

05 Aug 2026

CREDAI-MCHI to Host 10th Design & Construction Conference

CREDAI-MCHI will host the 10th anniversary edition of its Design & Construction Conference on August 19, 2026, at the Jio World Convention Centre in Mumbai.The event is expected to bring together more than 500 procurement leaders, construction heads, architects, consultants and senior real estate decision-makers, alongside over 50 construction and ancillary brands.The conference will feature product launches, technology showcases, knowledge sessions, strategic business-to-business networking and recognition of procurement professionals contributing to the transformation of the construction..

BorgWarner Wins Extension for High-Voltage Inverter Programmes

BorgWarner has secured a major extension of several high-volume high-voltage inverter programmes from a leading European automotive manufacturer.The contracts cover updated inverter designs for plug-in hybrid and 800V battery-electric vehicle applications. Production is scheduled to begin in 2029.Isabelle McKenzie, President and General Manager, BorgWarner PowerDrive Systems, said the programme extensions demonstrate the company’s position in power electronics and reflect the strength of its technology, in-house expertise and customer relationships.For plug-in hybrid vehicles, BorgWarner wil..

Castrol India Q2 Profit Rises 43% to Rs 3.48 bn

Castrol India reported a 43 per cent year-on-year increase in profit after tax to Rs 3.48 billion for the quarter ended June 30, 2026, supported by growth across its consumer, industrial and institutional businesses.Revenue from operations increased 25 per cent to Rs 18.71 billion during the second quarter of 2026, compared with Rs 14.97 billion in the corresponding period of 2025. EBITDA rose 41 per cent to Rs 4.94 billion from Rs 3.50 billion.Sequentially, revenue increased from Rs 15.45 billion in the first quarter of 2026, while EBITDA rose from Rs 3.29 billion. Profit after tax increased ..