Press Update

Statement by HMEL in response to Financial Times article titled ‘Mittal joint
venture bought Russian oil transported on blacklisted ships’, published on October 29, 2025

HMEL always acts in full compliance with government policy and regulations.

All transactions and acceptances of shipping deliveries by HMEL are subject to due-diligence and compliance procedures. This includes counterparty KYC, sanctions screening, vessel history and prior port-clearance. Cargo is supplied to HMEL on a delivered-at-port basis. That means the company will not be aware of the details of other ships that crude may have been transported on, nor any attempts by those ships to conceal their position to pick up crude from sanctioned vessels. The ship (Samadha) that delivered the crude to the port in India was not under OFAC sanctions at the time of delivery.

HMEL’s business activity is in-line with Indian government and energy security policy. HMEL’s refined output principally serves India’s energy market needs with no exports to EU, UK and USA.

Notwithstanding this, HMEL had already taken the decision to suspend further purchases of Russian crude upon recent announcements of new restrictions on imports of crude oil from Russia by the United States, European Union and United Kingdom, pending receipt of any outstanding orders. HMEL will continue to review its position and comply with government policy and applicable laws.