NEW DELHI: India continued to be the second largest buyer of Russian crude oil in May, with purchases amounting to nearly 4.8 billion euros (about $5.6 billion), marking an increase of nearly 7% from 4.5 billion euros ($5.2 billion) in April, according to a latest report by the Centre for Research in Energy and Clean Air (CREA), an independent think tank based in Finland.
India's Hydrocarbon Imports
CREA stated that India imported Russian hydrocarbons worth a total of 5.8 billion euros ($6.7 billion), with crude oil constituting 83% of the purchase. China remained the largest importer of Russian energy, with purchases totaling nearly 7 billion euros ($8.1 billion), the report added.
Refinery Activity Drives Volume Increase
CREA noted that India's total crude import volumes recorded an 8% month-on-month increase in May, largely driven by unloaded volumes at the Vadinar and Jamnagar refineries, which increased by 36% and 14%, respectively. State-owned refineries also saw a month-on-month increase of 13% and 42%, respectively.
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