Billionaire Mukesh Ambani's Reliance Industries Ltd is estimated to have earned 724 million euros (about Rs 6,850 crore) from exporting fuel made from Russian crude oil to the US in one year, an European think tank said in a report.
"From January 2024 to the end of January 2025, the US imported EUR 2.8 billion of refined oil from six refineries in India and Turkey that process Russian crude. An estimated EUR 1.3 billion of this was refined from Russian crude," the Centre for Research on Energy and Clean Air (CREA) said in a report.
US imports of fuels such as petrol and diesel from Jamnagar in Gujarat, where Reliance's twin oil refineries are located, were EUR 2 billion. Of this, "EUR 724 million (is) estimated to be refined from Russian crude," it said. Western and US sanctions on Russia, that followed its invasion of Ukraine in February 2022, do not prohibit or sanction buying/using Russian crude oil and exporting fuels such as diesel derived from it. Gujarat's Vadinar, where Russia's Rosneft-based Nayara Energy has a 20 million tonne a year refinery, exported EUR 184 million worth of fuel to the US between January 2024 and January 2025.
Of this, EUR 124 million is estimated to be refined from Russian crude, CREA said. New Mangalore, where Mangalore Refinery and Petrochemicals Ltd (MRPL) has a unit, exported EUR 42 million worth of fuel to the US, of which EUR 22 million is estimated to be refined from Russian crude, it said. An e-mail sent to Reliance for comments remained unanswered. -- PTI
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