Reliance Industries Ltd (RIL) on Friday announced that it will adjust its refinery operations to comply with Western sanctions imposed on Russian crude oil. The company said it is assessing the impact of restrictions announced by the European Union (EU), United Kingdom (UK), and United States (US), and will fully comply with applicable regulations.
Reliance Confirms Compliance With EU and Indian Government Guidelines
In a statement, a RIL spokesperson said: "We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements. We will comply with the EU’s guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully."
The company emphasised its commitment to India’s energy security and adherence to sanctions and regulatory frameworks.
Adapting Refinery Operations to Meet Compliance Requirements
Reliance stated that it will adapt its refinery operations to ensure compliance with international and domestic regulations. The company highlighted its diversified crude sourcing strategy, which has historically helped maintain stability and reliability in refinery operations.
"Reliance has consistently aligned itself with the objectives of ensuring India’s energy security. The Company remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements," the spokesperson added.
Evolving Supply Contracts and Supplier Relationships
The company also noted that supply contracts evolve in response to market and regulatory changes. Reliance said it will address these conditions while continuing to maintain strong relationships with its suppliers.
"As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers," the statement said.
Reliance expressed confidence that its time-tested, diversified crude sourcing strategy will ensure smooth refinery operations, meeting both domestic and export requirements, including exports to Europe.
"Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe," the spokesperson said.
Key Takeaways:
Reliance Confirms Compliance With EU and Indian Government Guidelines
In a statement, a RIL spokesperson said: "We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements. We will comply with the EU’s guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully."
The company emphasised its commitment to India’s energy security and adherence to sanctions and regulatory frameworks.
Adapting Refinery Operations to Meet Compliance Requirements
Reliance stated that it will adapt its refinery operations to ensure compliance with international and domestic regulations. The company highlighted its diversified crude sourcing strategy, which has historically helped maintain stability and reliability in refinery operations.
"Reliance has consistently aligned itself with the objectives of ensuring India’s energy security. The Company remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements," the spokesperson added.
Evolving Supply Contracts and Supplier Relationships
The company also noted that supply contracts evolve in response to market and regulatory changes. Reliance said it will address these conditions while continuing to maintain strong relationships with its suppliers.
"As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers," the statement said.
Reliance expressed confidence that its time-tested, diversified crude sourcing strategy will ensure smooth refinery operations, meeting both domestic and export requirements, including exports to Europe.
"Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe," the spokesperson said.
Key Takeaways:
- Reliance is assessing implications of Western sanctions on Russian crude oil.
- The company will comply with EU guidelines and any guidance from the Indian Government.
- Refinery operations will be adapted to meet compliance requirements.
- Supply contracts and supplier relationships will evolve with changing market and regulatory conditions.
- Reliance’s diversified crude sourcing strategy ensures stability for domestic and export supplies.
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