Hindustan Petroleum’s Chairman and Managing Director (CMD) Vikas Kaushal on Friday (October 31, 2025) said he was not “losing sleep” over Russian crude because it represents 5% of the company’s overall mix and it can get the quantum from other sources.
Speaking on a call with investors and analysts, Mr. Kaushal also underlined that crude buying is a “very economic decision” dependent upon prices alongside the quality of the crude and the ability of refineries to take (process) them.
He said that, in the second quarter, Hindustan Petroleum bought 6.1 million tonnes of crude overall, of this 1.1 million were indigenous and 5 million were imported. Mr. Kaushal underlined that Russian crude accounted for only 5% of the overall mix. “This is for the simple reason that it (Russian crude) was not economical to run in our refineries,” he stated, adding, “we run a lot more on crude from Middle East and increasingly on West African crude.”
Further, Mr. Kaushal stated, “We are very well-structured on our assets on other crudes and even when the rough comes in, we know which crudes [we] have to look at to get the margins and they are not Russian crudes.” He added that though the refiner can process Russian crudes, they have alternatives.
The purchase of Russian oil by India has become a geopolitical issue, with the U.S. imposing additional tariffs of 25% on imports from India as a ‘penalty’ for importing Russian oil. India has been steadfast in maintaining that it will prioritise its economic and energy security over other considerations.
Earlier this week, HPCL’s refining peer Indian Oil had said that they will not discontinue purchasing Russian oil as long as they were in compliance with all sanctions by the West.
Published – October 31, 2025 05:51 pm IST
