NEW DELHI: As Russia continues to be India’s top crude supplier in 2025, private refiners such as Reliance Industries and Nayara Energy have made the most profit by importing the largest volumes.
These refiners processed discounted Russian oil into petrol, diesel, and aviation turbine fuel (ATF), exporting the products to major markets, including the European Union and the United States.
As per some estimates, quoted in international media, Indian refiners had gained $16 billion in extra profit from importing discounted Russian oil, with almost $6 billion (or over Rs 50,000 crore) of that going to Reliance Industries.
According to Kpler, a data and analytics firm providing market intelligence for the global commodity and shipping industries, India imported 231 million barrels of Urals crude in the first six months of 2025 (through 24 June). Reliance, which operates the world's largest refining complex at Jamnagar, and Russia’s Rosneft-backed Nayara together accounted for 45% of India’s Urals imports. In 2022, Reliance and Nayara held smaller shares of global Urals imports — Reliance at around 8% and Nayara at 7%.
Reliance Industries, after signing a 10-year deal with Russia in January 2025 to buy up to 500,000 barrels per day, purchased 77 million barrels, making it the world’s largest buyer of Urals crude. Urals now make up 36% of Reliance’s total crude purchases, up from 10% in 2022. For Nayara Energy, partly owned by Russia’s Rosneft, Urals comprised 72% of its crude purchases in 2025, up from 27% three years ago.
In FY 2024-25, the two refiners together contributed $60 billion in petroleum product exports, with $15 billion worth going to the EU in the first half of 2025, according to Bloomberg and Kpler data.
Another report noted that Nayara exported nearly 3 million metric tonnes (MMT) of refined fuel in the first half of 2025 — about 30% of its total output. Vitol was the top buyer of refined products from Nayara, with other buyers including the United Arab Emirates, West Africa, Aramco Trading, Shell, and bp.
Reliance Industries’ refinery exported 21.66 MMT of refined products in the first six months of 2025 to buyers such as bp, ExxonMobil, Glencore, Vitol, and Trafigura, the data showed.
Following the Russia-Ukraine conflict in 2022, Indian oil companies — including state-owned Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) — increased imports of discounted Russian crude. State refiners primarily supplied the domestic market, while private refiners like Reliance and Nayara aggressively exported to Europe, the UAE, Singapore, and other markets.
Commerce Ministry data shows India’s refined petroleum product exports were worth $97.47 billion in FY 2022–23, $84.16 billion in FY 2023–24, and $63.35 billion in FY 2024–25. The Netherlands was a top buyer, followed by the UAE, Singapore, and others, with rankings varying each year.
Recently, the EU has announced multiple sanctions on Russian crude, while the US has imposed a 50% reciprocal tariff on India, citing its import of Russian crude and “substantial profits from reselling in the market.