Reliance buys 1 million barrels of crude from Kuwait's KPC, trade sources say

Economic Times
Economic Times 3M India
Reliance has acquired 1 million barrels of crude oil from Kuwait Petroleum Corporation due to maintenance issues at KPC's refinery. This move follows Reliance's halt on Russian oil purchases.
Reliance buys 1 million barrels of crude from Kuwait's KPC, trade sources say
Why it matters
Reliance Industries has successfully purchased 1 million barrels of heavy crude oil from Kuwait Petroleum Corporation (KPC). This acquisition is a response to unplanned maintenance at KPC's Al-Zour refinery, which has left some crude oil unsellable. The deal involves two shipments: one of 500,000 barrels of Kuwait Heavy Crude and another of Eocene crude, both scheduled for loading in early December. This purchase is significant as it follows Reliance's recent decision to halt oil purchases from Russia, prompted by U.S. sanctions against Russian oil producers Rosneft and Lukoil. Reliance has been actively sourcing crude oil from the Middle East and the Americas, having bought at least 12 million barrels of spot crude recently.
TOPICS

Energy & Power Oil & Gas

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