Indian Oil to abide by sanctions imposed by international community

India’s largest oil refiner and fuel retailer, Indian Oil, has said it will comply with all international sanctions, without referring to the latest US curbs on Rosneft and Lukoil — two of the largest Russian crude exporters. The company Chairman however declined to specify whether Indian Oil will stop buying discounted Russian crude. Indian Oil is the second Indian refining entity, after private sector Reliance Industries Ltd, to pledge compliance with the latest sanctions or restrictions imposed on the import of products refined from Russian oil. The Chairman’s statement came on a day when Indian Oil posted a net profit of Rs 7,610 crore for the July-September period, against Rs 180 crore a year ago. This was largely driven by a quantum jump in the refining margin of $10.6 per barrel against $1.8 in the previous corresponding period and a marginal inventory gain, as per a report.

Please visit our youtube channel https://www.youtube.com/@ikargos2719 for fortnightly logistics news analysis and more!