NEW DELHI (Reuters) – India’s ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to draw interest in a tender earlier this month, sources familiar with the matter said.
Indian companies are snapping up Russian oil as it is available at a deep discounts after some companies and countries shunned purchases from Moscow due to sanctions against Russia for its Ukraine invasion.
India, the world’s third-biggest oil consumer and importer, has not banned Russian oil imports.
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, has a stake in Russia’s Sakhalin-1 project and sells its share of the oil from the project through tenders.
