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India refiners skip Rosneft crude tenders on 'biased' terms: Reports

Rosneft on Wednesday issued tenders to sell a total of 6.5 million tonnes of Urals, Siberian Light, Sokol and ESPO Blend crude for loading in May-June and had asked for roubles and full prepayments.

Topics
rosneft deal | crude oil supply | Brent crude oil

Reuters  |  NEW DELHI 

Among non-food items, crude petroleum rose by a whopping 83.56% in March, leading to a fuel inflation rate of 34.52%
India refiners skip Rosneft crude tenders on 'biased' terms: Reports

By Nidhi Verma

NEW DELHI (Reuters) - India's state refiners did not submit bids in tenders issued by Russia's top oil producer Rosneft as the terms were "one-sided", two sources familiar with the matter said on Thursday.

Rosneft on Wednesday issued tenders to sell a total of 6.5 million tonnes of Urals, Siberian Light, Sokol and ESPO Blend crude for loading in May-June and had asked for roubles and full prepayments, sources told Reuters.

The terms echoed demands from Russian President Vladimir Putin for roubles-only trade in natural gas.

One of the sources said the terms of the tenders, which closed on Thursday, were "very biased" towards the seller.

The sources spoke on condition of anonymity due to the sensitivity of the matter.

Russian oil producers face difficulties selling cargoes as international refiners and traders shun them for fear of Western sanctions imposed over Russia's invasion of Ukraine, which Moscow calls a "special operation".

 

(Reporting by Nidhi Verma; editing by Jason Neely)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, April 22 2022. 09:50 IST
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