ONGC Videsh Sells Russian Sokol Oil to India Refiners

ONGC Videsh Sells Russian Sokol Oil to India Refiners: India’s ONGC Videsh Ltd. sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp. and Bharat Petroleum Corp. after failing to draw interest in a tender earlier this month.

ONGC Videsh Sells Russian Sokol Oil to India Refiners: Key-Points

Indian companies are snapping up Russian oil as it is available at a deep discount after some companies and countries shunned purchases from Moscow due to sanctions against Russia for its Ukraine invasion.

India, the world’s third-biggest oil consumer, and importer have not banned Russian oil imports.

ONGC Videsh has a stake in Russia’s Sakhalin-1 project and sells its share of the oil from the project through tenders. In the tender earlier in March, ONGC Videsh did not get any bids for the Sokol crude oil cargo for May loading.

The sources said HPCL and BPCL had been able to offer a discounted price for the cargo. The two refiners will pay ONGC in rupees.

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