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Sovcomflot Tanker Delivers Urals to Indian Oil Corp

OIL

Indian Oil Corp resumed Russian crude purchases delivered on Sovcomflot tankers, taking delivery of a load this week having shunned them through March and much of April.

  • Suezmax Vladimir Tikhonov discharged around 1mn bbls of Russian Urals at Paradip port, where Indian Oil has a refinery according to Bloomberg tracking.
  • It was the first crude delivery by the firm into India since the sanctions tightening had increased against Sovcomflot. The delivery last week by a Sovcomflot tanker was for fuel oil.
  • Recent US sanctions had caused Indian buyers to distance themselves from Sovcomflot tankers, but the hesitance now appears to be fading.
  • India’s daily crude imports from Russia climbed to more than 1.9 mn bpd in April, the highest since July, according to Kpler.
  • At least five Sovcomflot tankers carrying Urals are signaling India as their destination this month.


Source: Bloomberg

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