European countries are turning to New Delhi for petrochemicals after US-led sanctions cut them off from Russian energy supplies
India’s exports of refined oil products to Europe have surged by 2,539 times since 2018, according to news website The Print, citing data from the Ministry of Commerce and Industry.
The dramatic increase is attributed to post-COVID-19 supply chain challenges in Europe and India’s heightened imports of discounted Russian crude oil following the outbreak of the Ukraine conflict.
In the 2018-2019 financial year, European countries (including Russia) imported 9,740 metric tons of petrochemicals from India. By 2023-2024, the figure had skyrocketed to 24.73 million tons. In terms of value, exports grew by 3.5 times, from $5.9 billion in 2018-2019 to $20.5 billion in 2023-2024.
The Netherlands emerged as the leader among 17 European importer nations, purchasing 24.73 million tons of fuel from India in 2023-2024. With shipments via Rotterdam, Europe’s largest seaport, the Netherlands serves as a key supplier to markets across the region.
The export volume of India’s petroleum products to Europe began to surge during the Covid-19 pandemic in 2020-21 as Indian refiners bought cheap crude and sold value-added fuel, mostly diesel, an unnamed industry leader told The Print.
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