India's MRPL Seeks New Oil Sources
Expanding Horizons
MRPL, a government-owned oil refinery in India, is on the lookout for new oil suppliers. With a massive refinery in Karnataka processing 500,000 barrels of oil daily, the company exports about 40% of its fuel to other countries.
Avoiding Russian Oil
Currently, MRPL is not purchasing oil from Russia, adhering strictly to international sanctions. However, they assert that this decision will not impact their fuel exports. Despite steering clear of Russian oil, MRPL continues to generate substantial revenue from selling fuel abroad.
Diversifying Sources
The majority of MRPL's oil comes from the Middle East, supplemented by purchases from other markets and domestic sources. The company is now exploring Venezuelan oil as a potential supplier, pending favorable pricing and shipping conditions.
Direct Sales Strategy
To boost profits, MRPL is selling fuel directly to customers rather than intermediaries. Their ambitious plan includes opening 500 fuel stations in the next three years, with a target of 1,000 stations within five years.
