ONGC Videsh Ltd reported to have bought one cargo of Sokol oil to Hindustan Petroleum and Bharat petroleum
India’s ONGC Videsh Ltd has bought at the very least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to attract curiosity in a young earlier this month, sources accustomed to the matter stated.
Indian corporations are snapping up Russian oil as it’s out there at a deep reductions after some corporations and nations shunned purchases from Moscow resulting from sanctions towards Russia for its Ukraine invasion.
India, the world’s third-biggest oil shopper and importer, has not banned Russian oil imports.
ONGC Videsh, the abroad funding arm of Oil and Natural Gas Corp, has a stake in Russia’s Sakhalin-1 venture and sells its share of the oil from the venture by way of tenders.
In the tender earlier in March, ONGC Videsh didn’t get any bids for the Sokol crude oil cargo for May loading.
The sources stated HPCL and BPCL had been in a position to supply a reduced value for the cargo. This marks the primary buy of Sokol crude by HPCL. BPCL had beforehand bought the grade in 2016.
The two refiners can pay ONGC in rupees, the sources added.
One of the sources stated ONGC Videsh will have a look at promoting extra cargos to Indian refiners if there isn’t any curiosity from abroad consumers.
ONGC Videsh, HPCL and BPCL didn’t reply to Reuters emails in search of remark.
Western sanctions towards Russia for its invasion of Ukraine have hit Russian oil gross sales, making it potential for Indian and Chinese refiners to purchase Russian Urals crude at a deep low cost.
India has known as for an finish to violence in Ukraine however kept away from outright condemnation of Russia, with which it has long-standing political and safety ties.
Russian President Vladimir Putin despatched his troops into Ukraine on what he calls a “special military operation” to demilitarise and “denazify” Ukraine. Ukraine and the West say Putin launched an unprovoked warfare of aggression.
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With inputs from NDTV
