India’s major oil refineries — the world’s largest importers of Russian crude — may scale back purchases following the European Union’s recently adopted sanctions package against Russia. This was reported by Bloomberg, citing informed market sources and senior refinery executives who requested anonymity.

By Asif Aydinli

India, the world's third-largest oil consumer, continues to make significant strides in strengthening its energy security and reducing its dependence on hydrocarbon imports. In the context of growing geopolitical challenges and domestic energy demand, the government is developing strategies that could dramatically shift the country's energy balance. This strategy includes actively exploring offshore areas beyond the Exclusive Economic Zone (EEZ), indicating long-term plans to ensure sustainable economic growth and strengthen its international position.

India’s ONGC Videsh Limited, a Schedule “A” Navaratna Central Public Sector Enterprise, has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615% Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor, the company said in a statement, News.Az reports.