Espreso. Global

Russian oil supply to India faces delays; India's largest refinery seeks alternatives - Reuters

27 December, 2023 Wednesday
11:56

Payment issues cause delays in the delivery of Russian Sokol crude oil to Indian Oil Corp (IOC). In response, India's primary oil refinery taps into reserves and turns to the Middle East for oil purchases

This information was disclosed by Reuters, citing its own sources.

IOC, the sole state-owned oil refinery in India, has a one-year agreement with Russian oil company Rosneft for various Russian grades, including Sokol. According to sources, Sakhalin-1 LLC, a division of Rosneft, is responsible for supplying Sokol. 

In light of the government's advice against using the Chinese yuan, India's state-owned refiners conduct oil trade with Russia in UAE dirhams. However, private refiners still resort to yuan payments due to a lack of alternatives.

The payment flow for Sokol oil by IOC was disrupted because Sakhalin-1 LLC faced challenges in opening a bank account in the UAE to receive payments in dirhams, as per anonymous sources.

Last week, India's oil ministry informed a parliamentary panel about the difficulties faced by state-owned oil companies in making payments for Russian oil. This is attributed to the fact that not all Indian banks can process US dollar payments for Russian oil.

  • Approximately 5 million barrels of Russian Sokol crude oil, destined for Indian refineries, are facing delays on tankers.
     
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