New Delhi:State-run refiners have the government’s blessing to buy Russian crude without violating sanctions clauses, which explains the spate of tenders floated by nearly all of them at a time when trading houses are finding it difficult to find buyers.
Led by the largest state-run refiner IndianOil, Hindustan Petroleum, and MRPL, the refining subsidiary of exploration giant ONGC, among them are lifting six million barrels of Russia’s Urals grade from European trading houses. Reports suggest Bharat Petroleum will also queue up soon.
Russia has never been a major source for Indian refiners, largely due to high cost of shipping that involves transshipments. Russian crude accounted for 2% of India’s oil imports between April 2021 and January this year. Therefore, there is something more than demand that is driving these tenders.
“There is no way that almost all major government refiners would have floated tenders for Russian crude without sounding out the government in the current situation,” a person in the know said.
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