Oil and Natural Gas Corporation (ONGC) will continue to purchase Russian crude oil, but only when it makes sense economically, Chairman Arun Kumar Singh said on Friday.
“ONGC refineries purchase Russian crude oil when it is economically viable, and based on spot market prices. If prices are competitive, our refineries will definitely buy. If it is not competitive, we will run our refineries from other sources,” Singh.
These remarks are made at a time when the US administration has imposed 50 per cent tariffs on Indian goods, accusing the country of buying Russian crude. Asked about the company’s global ambitions, Singh noted that ONGC is willing to pursue overseas assets when they add value.
