Mukesh Ambani's Reliance Industries has once again made a major change in its business strategy. After the peace of the last few weeks, now again there will be an influx of huge oil tankers coming from Russia on the Jamnagar coast of Gujarat. According to a Reuters report, after a 'break' of about a month, Reliance has decided to start purchasing Russian crude oil again.
In the month of December, Reliance last received supply of crude oil from Russia. After this the company had imposed a temporary ban on imports for some time. The main reason behind this was the pressure of American sanctions and deadlines, due to which Reliance took caution. But now again Mukesh Ambani's company has made full preparations to book new cargo for February and March.
According to reports, Reliance will now buy oil from those Russian sellers on whom no ban has been imposed at present. Although, it has not been disclosed how many tankers have been booked, but it is certain that the processing of Russian oil at the Jamnagar refinery is going to pick up pace again.
The world's largest refining complex located in Jamnagar is now gearing up to process Russian oil again. These tankers running from Russia will reach India after covering a sea distance of thousands of miles. Here crude oil will be refined to make petrol and diesel, which Reliance will later use not only in India but will also sell in markets around the world.
Reliance has an old agreement with Rosneft, under which it has been buying millions of barrels of oil daily. This new beginning reflects the company's understanding of how business can be run seamlessly even amidst difficult geopolitical conditions and strict regulations. When big companies of the country keep the oil supply chain strong, it has a direct impact on the availability and stability of fuel in the market.
This whole matter is not that simple. The European Union (EU) had said in strong words that it would not buy fuel from any refinery that had recently used Russian oil. To deal with this problem, Reliance has adopted a wonderful strategy, which can be called a masterstroke.
The company has decided that the crude oil coming from Russia will be processed in the plant which mainly produces oil for India i.e. the domestic market. At the same time, non-Russian oil will be used in the second refinery plant built for export. The benefit of this will be that Reliance will be able to continue selling fuel from its export-oriented refinery to Europe without any hindrance and following the rules.
