ONGC Videsh Limited has given notice of sale of a consignment of Sokol Oil to Hindustan Petroleum and Bharat Petroleum
India’s ONGC Videsh Ltd has sold at least one consignment of Russian Sokol oil to India’s refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to take interest in a tender earlier this month, sources familiar with the matter said. said.
Indian companies are shutting down Russian oil as it is available at huge discounts after some countries and countries refrained from buying from Moscow due to sanctions for Russia’s invasion of Ukraine.
India, the world’s third largest oil consumer and importer, has not imposed sanctions on Russian oil imports.
Oil and Natural Gas Corp’s foreign investment arm ONGC Videsh holds a stake in Russia’s Sakhalin-1 project and sells its share of oil from the project through tenders.
Earlier in the tender held in March, ONGC Videsh had not received any bid for Sokol crude oil cargo for May loading.
Sources said HPCL and BPCL were able to offer a discounted price for the cargo. This is the first purchase of Socol crude by HPCL. BPCL had earlier bought the grade in 2016.
Sources said both the refiners will pay ONGC in Rs.
One of the sources said ONGC Videsh will look at selling more cargo to Indian refiners if there is no interest from overseas buyers.
ONGC Videsh, HPCL and BPCL did not respond to emails from Reuters seeking comment.
Western sanctions against Russia for its invasion of Ukraine have hit Russian oil sales, making it possible for Indian and Chinese refiners to buy Russian Ural crude at steep discounts.
India has called for an end to the violence in Ukraine but has avoided outright condemnation of Russia, with which it has longstanding political and security ties.
Russian President Vladimir Putin sent his troops to Ukraine in what he calls a “special military operation” to demilitarize and “deny” Ukraine. Ukraine and the West say Putin waged a war of aggression without provocation.
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