ONGC will proceed shopping for Russian crude oil so long as its commercially viable: Chairman

State-owned explorer Oil and Natural Gas Corporation (ONGC) will proceed to purchase crude oil from Russia if the costs stay economically viable, chairman and CEO Arun Kumar Singh mentioned on Friday (August 29, 2025).

Speaking to reporters after the annual normal assembly of shareholders, the ONGC chief emphasised that Moscow was not underneath any sanctions and that the general public sector firm would proceed buying crude until the federal government determined in any other case.  

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

Placing the notion in a bigger context, Mr. Singh mentioned, “As lengthy as it’s commercially and economically viable for our crude refineries, ONGC group of refineries will hold shopping for each drop which comes into the market, relying on refinery configuration.” 

‘One shouldn’t fear about small dips’  

Responding to reporters’ queries about diversification amid the geopolitical panorama, Mr. Singh highlighted a possible alternative in difficult instances. “If you take a look at the oil and gasoline historical past of the world, and overseas asset acquisitions, some firms grew to become firms as a result of they acquired property in troubled instances,” he said.  

Mr. Singh emphasising that troubled instances “don’t final lengthy”, said, “If there may be an asset that comes at a worth which is suitable to us with the longer term we see for ourselves, we are going to (think about it), as a result of these one-two years shall go away.”

Suggested buying and selling platform in conceptual stage

Mr. Singh mentioned the urged consolidated buying and selling platform for purchasing and promoting from all ONGC‘s group of firms is at a conceptual stage, and it’ll take a while earlier than it acquires a radical form. Indicating the rationale for the unit, he mentioned, “ONGC group of firms possess volumes which make it a substantiative drive.” 

Saudi Arabia and India had been greatest consumers of Russian gas oil in July, information exhibits

The explorer’s complete oil and gasoline manufacturing stood at 51.3 million metric tonnes of oil equal (MMToE) in FY 2025. This included 39.25 MMToE from ONGC, 1.83 MMToE from joint ventures and 10.28 MMToE from its overseas exploration arm.