Indian Oil Corp was forced to stop buying this oil because Sakhalin 1 LLC was unable to open a bank account in the UAE.
India resumes buying Russian Sokol oil after a two-month hiatus due to payment problems. Reuters news agency reported this with reference to its sources on Friday, February 16.
At least two Indian refineries delivered Sokol light sweet crude in February. Hindustan Petroleum Corp (HPCL) buys oil from traders it pays in UAE dirhams.
Indian Oil Corp, the country’s largest oil refiner, is one of the main buyers of Sokol oil under an annual contract with Rosneft. Indian Oil Corp was forced to stop buying this oil because Sakhalin 1 LLC was unable to open a bank account in the UAE to accept payments in dirhams.
Private refiner Nayara Energy, which is mostly owned by Russian companies including oil company Rosneft, also delivered Sokol oil in February.
Three Sokol oil vessels – NS Lion, NS Antarctic and Raven – will arrive at the eastern ports of Paradip and Visakhapatnam later in February.
The media added that Russia is considering selling Sokol oil through trading companies to reduce excess reserves floating in the Pacific Ocean.
Sokol grade oil is exported by Sakhalin-1 LLC, a subsidiary of Russian oil giant Rosneft, which is also a seller of the grade.
Let’s recall that Bloomberg reported that tankers carrying Russian oil are increasingly refusing transit because of Western sanctions.
Source: korrespondent
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