HMEL Pauses Russian Oil Purchases Amid Sanctions

HPCL-Mittal Energy Ltd (HMEL) announced the suspension of Russian crude oil purchases, highlighting that its past shipments were not subjected to international sanctions. This marks a significant move as HMEL becomes the first Indian company to publicly declare such a halt.

The joint venture between state-run Hindustan Petroleum Corporation Ltd and steel magnate Lakshmi Mittal's Mittal Energy Investments operates a major refinery in Bhatinda, Punjab. The company's decision aligns with global responses to US and European sanctions on Russian oil, ensuring compliance with prevailing government policies.

Despite sanctions looming over entities like Rosneft and Lukoil, HMEL's shipments from Murmansk were reportedly free from such restrictions. However, the company's proactive approach to suspending purchases reinforces its commitment to adhere to international standards and safeguard its operational interests.