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Investing.com -- Reliance Industries Ltd, India’s largest buyer of Russian oil, announced it will comply with Western sanctions against Moscow while maintaining relationships with its current oil suppliers.
The company, controlled by billionaire Mukesh Ambani, operates the world’s largest refining complex in Jamnagar, Gujarat. Reliance has a long-term agreement to purchase nearly 500,000 barrels per day of crude oil from Russian oil major Rosneft.
In addition to its direct deal with Rosneft, the Indian refining giant also acquires Russian oil through intermediaries.
The statement comes as U.S. sanctions target Russia’s two biggest oil producers - Lukoil and Rosneft.
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