Mukesh Ambani-owned Reliance Industries Ltd (RIL) increased crude oil sourcing from Russia and Latin America during the June quarter to reduce its dependence on Arabian Gulf (AG) crudes, as the company navigated one of the most volatile periods for global energy markets amid the closure of the Strait of Hormuz and supply chain disruptions.
The company said it "diversified crude basket, with higher sourcing from Russia and Latin America which helped reduce dependence on AG crudes," as part of its operational strategy during the quarter. It also completed the planned turnaround of its crude distillation unit (CDU) and coker unit, while stretching operations at secondary units to minimise the impact of lower throughput.
