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Four out of India’s seven largest refiners are now in the market for Russian crude as deep discounts push buyers to seek out non-sanctioned barrels, even as heavyweight Reliance Industries Ltd. stays away.
State-run Indian Oil Corp. and Bharat Petroleum Corp. have bought a total of around 10 cargoes of non-sanctioned Russian crude, including Urals, over the last few days, according to people involved in the purchases. Hindustan Petroleum Corp., meanwhile, has been looking for supply to be delivered in January, said the people, who could not be named as they are not authorized to speak publicly.