Reliance Industries purchased 1 million barrels of crude oil from Kuwait

Reliance Industries has purchased 1 million barrels of heavy crude from Kuwait Petroleum Corp through a tender, four trade sources said. Last week, KPC issued a tender to sell crude oil that the Al-Zour refinery could not process due to unplanned maintenance following the fire.

Reliance secures 1 million barrels of Kuwaiti crude oil

The cargoes – 500,000 barrels of Kuwaiti Heavy Crude Oil for loading on December 6 to December 7 and the same volume of Eocene crude for loading on December 8 to 9 – were given to Reliance, the sources said. The price for the purchase is still unclear.

Reliance industries halted purchases of Russian oil last month after Russian producers Rosneft and Lukoil were sanctioned by the United States. Indian refiners have bought at least 12 million barrels of crude from the Middle East and America, Reuters reported.
Source: Reuters