Reliance calls Bloomberg’s Russian oil claim ‘blatantly untrue’: RIL shares fall 5%

Indian bourses have sought clarification from Reliance Industries with respect to recent news reports that stated that "Reliance denies receiving Russian oil at its Jamnagar refinery in recent weeks".

"The response from the company is awaited," noted the National Stock Exchange.

Tuesday morning saw the blue-chip stock slide into the red. India’s most valued listed company, led by billionaire Mukesh Ambani, saw its stock fall more than 5 per cent. From Monday’s close of Rs 1,578.10 apiece, Reliance stock fell to as low as Rs 1,496.30 on Tuesday morning, down 5.18 per cent.
 

What did the report claim?

Bloomberg’s report, based on vessel-tracking firm Kpler, on Friday, claimed that three tankers carrying nearly 2.2 million barrels of Urals crude were indicating Reliance’s Jamnagar complex as their destination and were expected to arrive early this month.

Kpler tracks live AIS (automatic identification system) signals from ships, and the destinations shown could change as vessels move closer to India.

The article noted that Reliance had earlier stopped using Russian crude at the export-focused part of its refinery after US sanctions on Rosneft and Lukoil, but had since allegedly resumed buying from non‑sanctioned Russian suppliers for fuels meant for India’s domestic market.

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​Reliance’s response and counter‑claims

A Reliance spokesperson, quoted in the same Bloomberg piece, clearly denied that these specific cargoes have been purchased by the company and said there are no committed shipments of Russian crude for delivery in January. 

"A news report in Bloomberg claiming ‘three vessels laden with Russian Oil are heading for Reliance Industries Limited’s Jamnagar refinery’ is blatantly untrue.

Reliance Industries’s Jamnagar refinery has not received any cargo of Russian oil at its refinery in the past three weeks approx. and is not expecting any Russian crude oil deliveries in January.

We are deeply pained that those claiming to be at the forefront of fair journalism chose to ignore the denial by RIL of buying any Russian oil to be delivered in January and published a wrong report tarnishing our image," the company said in a post on X.

However, the listed firm is yet to provide an official regulatory statement.