State-owned explorer Oil and Natural Gas Corporation (ONGC) will continue 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 common assembly of shareholders, the ONGC chief emphasised that Moscow was not below any sanctions and that the general public sector firm would continue buying crude except 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 long as it is commercially and economically viable for our crude refineries, ONGC group of refineries will keep buying every drop which comes into the market, depending on refinery configuration.”
‘One should not worry about small dips’
Responding to reporters’ queries about diversification amid the geopolitical panorama, Mr. Singh highlighted a possible alternative in difficult occasions. “If you look at the oil and gas history of the world, and foreign asset acquisitions, some companies became companies because they acquired assets in troubled times,” he acknowledged.
Mr. Singh emphasising that troubled occasions “do not last long”, acknowledged, “If there is an asset that comes at a price which is acceptable to us with the future we see for ourselves, we will (consider it), because these one-two years shall go away.”
Suggested buying and selling platform in conceptual stage
Mr. Singh mentioned the advised consolidated buying and selling platform for buying and promoting from all ONGC‘s group of companies is at a conceptual stage, and it will take some time before it acquires a thorough shape. Indicating the rationale for the unit, he said, “ONGC group of companies possess volumes which make it a substantiative force.”
Saudi Arabia and India were biggest buyers of Russian fuel oil in July, data shows
The explorer’s whole oil and fuel 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.
