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Indian State Refiners Struggling for Russian Oil Deals

OIL

Only state refiner Indian Oil Corp has secured an oil deal with Rosneft according to Reuters, with Bharat Petroleum and Hindustan Petroleum unable to secure volumes. The two refiners' requests for contracts have been turned down by the Russian producer, the sources said.

  • IOC is reported as buying 6 million barrels of Russian oil every month, with an option to buy 3 million barrels more. The other two have been left to buy volumes on the spot market.
  • The IOC contract includes payment in all major currencies such as rupees, dollars and euros, depending on the payment mechanism available at the time of the transaction.
  • Trade sources said Rosneft is pushing barrels into the markets through trading firms such as Everest Energy, Coral Energy, Bellatrix and Sunrise.
  • Chinese imports of Russian crude are said to be increasing.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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