Mundkur Shyamprasad Kamath said on Wednesday that Mangalore Refineries and Petrochemicals is looking forward to buying oil at a discounted price from other sources aside from Russia. On Wednesday, the President of the United States, Mr Donald Trump, announced that PM Modi has promised not to buy Russian oil, which the US has been trying to push to stop the Russia-Ukraine war.
Russia is the top source of oil imports in India, and Indian refineries have utilised the discount offered by Russia ever since the beginning of the Ukraine war in 2022. But, due to pressures from Western countries, there seems to be an undeniable tension that will also impact India’s oil imports, as reflected in the interview with MRPL’s Managing Director, Kamath.
He also informed that Russian oil makes 35 to 40 per cent of the oil imported by MRPL in September. The company, located in Karnataka, operates 300,000 barrels each day at its refinery. Kamath further revealed that the company is exploring cheaper sources, and will abide by the government, which is promoting the lowest cost sources.
He disclosed that the refinery company has also looked at the proposal to buy US oil, but that has not been lucrative so far. He said that there are chances that the company will continue buying Russian oil, as it ensures economies of scale.
There is still a lack of clarity on whether India will continue to import oil from Russia or not, but this clarification by one of India’s leading companies’ MD makes it clear that India is prioritising its national interests and growth before anything else.
