Oil and Natural Gas Corporation (ONGC), India’s state-owned energy giant, confirmed that its refining units will continue to purchase Russian crude as long as it remains competitively priced. This assertion comes amid growing U.S. pressures and tariff threats targeting India’s oil imports from Russia.
Key Takeaways
- Commercial Considerations Drive Decision: ONGC Chairman Arun Kumar Singh emphasized that its refineries, including Hindustan Petroleum (HPCL) and Mangalore Refinery and Petrochemicals (MRPL), will keep buying Russian crude only if it remains economically viable.
- No Sanctions Yet: Singh pointed out that there are currently no government sanctions barring the purchase of Russian oil in India. Procurement will continue unless the government issues new directives. Reuters
Why It Matters
- Despite rising geopolitical tensions and U.S.-imposed tariffs on Indian goods aimed at deterring Russian imports, ONGC’s stance reflects a strategic focus on energy security, cost efficiency, and market stability.
- Continuation of these purchases underscores India’s commitment to leveraging competitively priced energy, even as external pressures increase.
Summary Table
| Parameter | Detail |
|---|---|
| Buyer | ONGC group refiners (HPCL & MRPL) |
| Purchase Condition | Only if commercially viable |
| Sanctions Status | None currently imposed by Indian government |
| Strategic Lens | Economic pragmatism amid geopolitical friction |
