HPCL-Mittal Energy JV suspends Russian oil buy; says ships that delivered oil not under US sanctions

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....PCL-Mittal Energy JV suspends Russian oil buy; says ships that delivered oil not under US sanctions<BR>PTI News<BR>Dated:- 29-10-2025<BR>PTI<BR>New Delhi, Oct 29 (PTI) Steel tycoon Lakshmi Mittal's energy joint venture in India, HMEL, on Wednesday said it has decided to suspend further purchases of Russian crude oil in view of the recent sanctions. HMEL, the equal joint venture of Mital group and....

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.... Hindustan Petroleum Corporation Ltd (HPCL), the first Indian company to officially state that it will not buy Russian crude after the US imposed sanctions on large oil producers of Russia. In a statement, HPCL-Mittal Energy Ltd (HMEL) said it has till now bought Russian oil on a delivered basis - implying the supplier made shipping arrangements. All ships that arrived at Indian ports for such de....

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....liveries were unsanctioned. "HMEL has already taken the decision to suspend further purchases of Russian crude upon recent annoncements of new restrictions on imports of crude oil from Russia by the United States, European Union and United Kingdom, pending receipt of any outstanding orders," it added. The firm, which owns and operates an oil refinery at Bhatinda in Punjab, said it has always act....

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....ed in full compliance with government policy and regulations. HMEL's business activity is in line with the Indian government and its energy security policy. "All transactions and acceptances of shipping deliveries by HMEL are subject to due diligence and compliance procedures. This includes counterparty KYC, sanctions screening, vessel history and prior port-clearance," it said. It went on to s....

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....tate that all oil cargoes supplied to the company were on a "delivered-at-port basis". "This means the company will not be aware of the details of other ships that crude may have been transported on, nor any attempts by those ships to conceal their position to pick up crude from sanctioned vessels," it said. PTI ANZ ANZ BAL BAL BAL<BR> News - Press release - PIB....