New Delhi, Oct 24 (NationPress) Reliance Industries has declared its commitment to adhere to the European Union guidelines regarding the importation of refined products into Europe, following the recent sanctions imposed on Russian crude oil exports.

The company emphasized, "As always, we will fully comply whenever there is any guidance from the Indian Government on this matter."

As the largest importer of Russian crude oil in India, Reliance refines this oil into petroleum products such as petrol and diesel at its massive refinery located in Jamnagar, Gujarat, for both export and domestic consumption.

A significant portion of the crude processed at the refinery, which has a capacity of 35 million tonnes per annum, consists of Russian crude.

To adapt to the changing circumstances, Reliance has indicated plans to diversify its crude import sources while adjusting refinery operations to serve both the domestic and EU markets.

"We have taken note of the recent restrictions implemented by the EU, UK, and US regarding crude oil imports from Russia, as well as the export of refined products to Europe. Reliance is currently evaluating the implications, including new compliance obligations. We are committed to following the EU’s guidelines regarding refined product imports into Europe. Whenever there’s direction from the Indian Government, we will comply fully. Reliance has consistently aligned with the objective of ensuring India’s energy security," a spokesperson for Reliance stated.

The company reiterates its dedication to maintaining its exemplary record of compliance with applicable sanctions and regulatory frameworks while adapting its refinery operations to meet these requirements, according to the spokesperson.

"As is standard in the industry, supply contracts evolve in response to shifting market and regulatory conditions. Reliance will navigate these changes while preserving its supplier relationships. The company is confident that its proven, diversified crude sourcing strategy will continue to guarantee stability and reliability in its refinery operations, catering to both domestic and export demands, including those of Europe," the spokesperson added.

Following sanctions announced by the US against Rosneft and Lukoil, Russia’s two primary oil companies, the supply of Russian crude to major Indian refineries is expected to significantly decrease.

According to a Bloomberg report, Reliance has secured substantial volumes of crude from the US and the Middle East in light of the sanctions against Russian oil companies. These shipments are anticipated to arrive at Jamnagar in December or January.