New Delhi, August 30 (IANS). Russia has emerged as a major petrol export destination for India and the country has shipped nearly one million barrels in the last two months. The reason for this is Ukraine's continuous attacks on Russian refineries, due to which Russia has to import petrol to meet domestic demand. This information was given in the report of ship-tracking firm Vortexa.
According to the report, Russia's seaborne petrol imports increased to a record 470,000 tons in August. The closure of refineries inside Russian territory due to Ukraine's drone attacks has led to fuel shortages, leading to long lines of cars at local filling stations. Domestic fuel production in Russia has declined by up to 70 percent. To deal with this huge shortage, the export of petrol and diesel to Russia has been banned.
Vortexa reported that there were 32 attacks on Russian refineries during July and August.
Türkiye and Morocco as well as Indian refiners were among the key suppliers that helped Russia bridge the shortfall in domestic fuel production. Trade sources said most of India's supply came from Nayara Energy's Vadinar refinery on the Gujarat coast, in which Russian oil major Rosneft has a stake.
Petroleum and Natural Gas Minister Hardeep Singh Puri had said earlier this month that despite uncertainty over global refining capacity, India is strengthening its position as the world's third largest refiner and is expanding its capacity from 272 MMTPA to 300 MMTPA.
Meanwhile, India has expanded its sources for crude oil imports after the start of the Iran war and closure of the Strait of Hormuz. In normal times, 20 percent of the world's oil and gas exports go through this route.
India's crude oil imports from Russia have increased rapidly in recent months due to the blockage of the Strait of Hormuz due to the ongoing conflict in the Middle East. In July, Russia accounted for more than half of the country's total oil imports, making it the largest supplier of crude to India, surpassing the UAE and Saudi Arabia.
According to the latest data from shipping intelligence and research firm 'Kepler', India's crude oil imports from Russia are estimated to be around 2.1 million barrels per day in August. However, this is well below the record high of about 2.6 million barrels per day seen in June and July this year.
Despite the decline in August, Russia remains India's largest supplier and accounts for more than 40 percent of India's total imports. Russia is followed by the United Arab Emirates (UAI), which supplies 6,11,000 barrels per day. This is followed by Saudi Arabia (3,85,000 barrels per day), Venezuela (3,83,000 barrels per day), Nigeria (1,29,000 barrels per day) and Brazil (1,20,000 barrels per day).
–IANS
abs
-
Hyderabad: BRS leader booked after woman alleges abuse, threats
-
Hair Care Tips: Be careful if you are making this mistake with wet hair, hair fall may increase.
-
Maharashtra Food Body Lifts Suspension On Food Licenses Of 5 BKC Restaurants
-
How to remove stubborn yellow stains on bathroom floors and tiles? Know 5 easy home hacks of vinegar and baking soda
-
My bathroom never gets mouldy thanks to a simple two-minute cleaning task
