ONGC will continue buying Russian crude oil as long as it’s commercially viable: Chairman

State-owned explorer Oil and Natural Gas Corporation (ONGC) will continue to buy crude oil from Russia if the prices remain economically viable, chairman and CEO Arun Kumar Singh said on Friday (August 29, 2025).

Speaking to reporters after the annual general meeting of shareholders, the ONGC chief emphasised that Moscow was not under any sanctions and that the public sector company would continue purchasing crude unless the government decided otherwise.  

ONGC’s subsidiaries — refiners Hindustan Petroleum Corporation Ltd and Mangalore Refinery and Petrochemicals Ltd — buy crude oil from Russia.

Placing the notion in a larger context, Mr. Singh said, “As long as it is commercially and economically viable for our crude refineries, ONGC group of refineries will keep buying every drop which comes into the market, depending on refinery configuration.” 

‘One should not worry about small dips’  

Responding to reporters’ queries about diversification amid the geopolitical landscape, Mr. Singh highlighted a potential opportunity in challenging times. “If you look at the oil and gas history of the world, and foreign asset acquisitions, some companies became companies because they acquired assets in troubled times,” he stated.  

Mr. Singh emphasising that troubled times “do not last long”, stated, “If there is an asset that comes at a price which is acceptable to us with the future we see for ourselves, we will (consider it), because these one-two years shall go away.”

Suggested trading platform in conceptual stage

Mr. Singh said the suggested consolidated trading platform for buying and selling from all ONGC‘s group of companies is at a conceptual stage, and it will take some time before it acquires a thorough shape. Indicating the rationale for the unit, he said, “ONGC group of companies possess volumes which make it a substantiative force.” 

Saudi Arabia and India were biggest buyers of Russian fuel oil in July, data shows

The explorer’s total oil and gas production stood at 51.3 million metric tonnes of oil equivalent (MMToE) in FY 2025. This included 39.25 MMToE from ONGC, 1.83 MMToE from joint ventures and 10.28 MMToE from its foreign exploration arm.