Mangalore Refineries and Petrochemicals (MRPL) is actively seeking oil from alternative sources sold at a discount, while aiming to continue purchasing Russian crude, according to Managing Director Mundkur Shyamprasad Kamath. Indian refiners have benefited from the discounted prices Russia offers after U.S. and EU sanctions on Moscow in 2022.

Russian Oil Remains Significant

In the September quarter, Russian oil accounted for 35% to 40% of MRPL’s total imports. MRPL operates a 300,000 barrels per day refinery in Karnataka, making it a key player in India’s southern oil sector.

Government Support for Cost-Effective Sourcing

Kamath emphasized that the government supports sourcing the lowest-cost crude, adding that MRPL has already started exploring other discounted crude options through its own sourcing methods. He expressed confidence that Russian oil imports will continue in the near term due to their economic advantage.

Assessing U.S. Oil Imports

While MRPL may consider buying U.S. crude, Kamath noted that it has not been attractive economically in previous quarters. Nonetheless, he reassured analysts that the company is well-positioned to manage costs and navigate market fluctuations.

Confidence in Economic Viability

As reported by reuters.com, Kamath concluded, “On an economic basis, I am confident that we will be able to sail through,” signaling MRPL’s commitment to balancing cost-effectiveness with strategic sourcing amid international pressures.