Russian Crude Oil | 2 more companies on the IOC path, Buy oil from Russia
Russian Crude Oil | Hindustan Petroleum Corporation (HPCL), Mangalore Refinery and Petrochemicals (MRPL) will follow in the footsteps of the Indian Oil Corporation (IOC). Crude oil prices are plummeting in the wake of the Russian invasion of Ukraine. The United States and its allies have imposed a ban on crude oil imports from Russia. With this, Russia is supplying crude oil to India at a discounted price of $ 20-25 per barrel. IOC bought three million barrels of crude oil last week through European trader Vitol. It will be available in May.
Recently, HPCL also filed a tender this week for the purchase of two million barrels of Russian crude oil. It will also be imported in May. Recently, Mangalore Refinery and Petrochemicals (MRPL) also filed a tender for one million barrels of crude oil. Traders are buying competitively as Russia sells crude oil at a huge discounted price.
This is the first time since 2020 that Russia has bought a certain amount of crude oil from Rosneft. Russia will also bear the burden of crude oil shipments and insurance costs currently exported to India.
Meanwhile, Reliance Industries, one of the largest refinery complexes in the world, says Russia should not import crude oil. They are concerned that the sanctions imposed on Russia could create unfavorable conditions for their trade.