[ad_1]
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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link