India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources

[Abdul Rehman Majeed]

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources​

A logo of Indian Oil is picture outside a fuel station in New Delhi
Nidhi Verma
Mon, March 14, 2022, 7:01 AM


By Nidhi Verma

NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24.

Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record discount levels.

IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance.

Sources said IOC does not see any problem in paying for the cargo as oil as a commodity is not banned and it was not dealing with a sanctioned entity.

Vitol sold the cargoes at a discount of $20-$25 a barrel to dated Brent, one of the sources said. The companies typically do not comment on commercial deals.

Separately, IOC also bought 2 million barrels of Abu Dhabi's Murban crude and one million barrels each of Nigeria's Akpo and Forcados, and Cameroon's Kole, they said.

Price details were not immediately available.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Toby Chopra)

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources

Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24. Western sanctions against Russia have led many companies and countries to shun...

finance.yahoo.com

 

[Black Tornado]

If its cheap then its good

 

[casual]

What did it pay with?

 

[omegared]

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources​

A logo of Indian Oil is picture outside a fuel station in New Delhi
Nidhi Verma
Mon, March 14, 2022, 7:01 AM


By Nidhi Verma

NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24.

Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record discount levels.

IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance.

Sources said IOC does not see any problem in paying for the cargo as oil as a commodity is not banned and it was not dealing with a sanctioned entity.

Vitol sold the cargoes at a discount of $20-$25 a barrel to dated Brent, one of the sources said. The companies typically do not comment on commercial deals.

Separately, IOC also bought 2 million barrels of Abu Dhabi's Murban crude and one million barrels each of Nigeria's Akpo and Forcados, and Cameroon's Kole, they said.

Price details were not immediately available.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Toby Chopra)

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources

Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24. Western sanctions against Russia have led many companies and countries to shun...

finance.yahoo.com

Pakistan should help facilitate this and allow the transit for a reasonable fee.
This would be greatly in Pakistans interest.
It will backfire on the Indians badly.

 

[manpk77]

Pakistan should help facilitate this and allow

Are we in position to do that?

 

[maithil]

We got this at heavy discount. Should continue buying as much as we can

 

[omegared]

Are we in position to do that?

We can allow transit through Pakistan, the Indians may not for for it.

 

[manpk77]

We can allow transit through Pakistan, the Indians may not for for it.

Transit to?

 

[K_Bin_W]

Good move by India, I think Pak should also buy if its cheap..

 

[Indos]

What did it pay with?

Energy, commodities, and agricultural products sales can still use USD and Euros, Russia still supply gas into Western European countries until this day, heck even Britain still want to buy Russian gas and oil ( they promised to shutdown the order gradually)

We got this at heavy discount. Should continue buying as much as we can

According to the report, 20-30 percent discount from Brent price. If many countries keep buying Russian oil the discount will be smaller and smaller

 

[Abdul Rehman Majeed]

Pakistan should help facilitate this and allow the transit for a reasonable fee.
This would be greatly in Pakistans interest.
It will backfire on the Indians badly.

This is crude oil which will be transported using shipping vessels and not using pipelines.

Are we in position to do that?

We can be transit for Gas shipments using pipelines but not for Crude oil shipments using the ocean.

Energy, commodities, and agricultural products sales can still use USD and Euros, Russia still supply gas into Western European countries until this day, heck even Britain still want to buy Russian gas and oil ( they promised to shutdown the order gradually)



According to the report, 20-30 percent discount from Brent price. If many countries keep buying Russian oil the discount will be smaller and smaller

The main issue is the freight and insurance costs and the security of the shipments.

Seems like Russia is taking the responsibility to deliver at Indian ports.

 

[STREANH]

I see brainwashed western puppets seething on Reddit and demanding sanctions on India. It's quite hilarious. Do you'll think Western powers will sanction India? Wouldn't that be counter productive for their agenda and may push India further to the Russian and Chinese camp ?

 

[nahtanbob]

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources​

A logo of Indian Oil is picture outside a fuel station in New Delhi
Nidhi Verma
Mon, March 14, 2022, 7:01 AM


By Nidhi Verma

NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24.

Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record discount levels.

IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance.

Sources said IOC does not see any problem in paying for the cargo as oil as a commodity is not banned and it was not dealing with a sanctioned entity.

Vitol sold the cargoes at a discount of $20-$25 a barrel to dated Brent, one of the sources said. The companies typically do not comment on commercial deals.

Separately, IOC also bought 2 million barrels of Abu Dhabi's Murban crude and one million barrels each of Nigeria's Akpo and Forcados, and Cameroon's Kole, they said.

Price details were not immediately available.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Toby Chopra)

India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources

Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24. Western sanctions against Russia have led many companies and countries to shun...

finance.yahoo.com

is tender an auction ?

 

[casual]

Energy, commodities, and agricultural products sales can still use USD and Euros, Russia still supply gas into Western European countries until this day, heck even Britain still want to buy Russian gas and oil ( they promised to shutdown the order gradually)



According to the report, 20-30 percent discount from Brent price. If many countries keep buying Russian oil the discount will be smaller and smaller

Russia isn't interested in USD or Euros since it can be frozen. I think they are working out a Rupee to Ruble deal.

 

[Abdul Rehman Majeed]

is tender an auction ?

yes