Russian oil company Rosneft has postponed a new agreement to sell oil to two Indian state-owned oil companies. According to sources familiar with the matter, Russia has postponed the sale of excess oil to India due to promises made to other consumers. So far, only Indian Oil Corporation has been able to agree to buy additional oil from Russia. Rosneft has refused to enter into a new agreement with HPCL and BPCL due to the non-availability of spare oil.
However, all the four related companies have not made any public statement regarding this news. Most of the countries of the world have imposed sanctions on Russia due to the Ukraine conflict. Many countries have also stopped taking oil and gas from it. In such a situation, India had decided to buy cheaper oil from Russia. Due to the non-availability of oil from Russia, both the government companies will have to buy expensive oil from the spot market.
It is also clear from this development that despite all the sanctions, Russia is completely successful in selling its oil. Indian sources said that Russian oil is no longer available at cheap prices and companies are also getting limited offers for the port to oil delivery (DAP). Under this offer, the seller bears the insurance and the freight of the oil supply and the buyer gets the ownership of the oil when the cargo is dispatched.
Relief from cheap oil
Crude oil was being provided to Indian companies by Rosneft at $ 40 less than international prices. Oil prices in world markets jumped to $139 after Russia attacked Ukraine. At present, it is close to $ 120 a barrel. In such a situation, the margin of Indian oil marketing companies may come down if Russian oil is not available.
Coal India will import coal for the first time
The country's largest coal producer Coal India has floated a tender for the purchase of imported coal. This will be the first time it will import. Its estimated value is 3,100 crores. Bids were invited for the supply of 24 lakh tonnes of coal between July-September. The last date for submission of tender is 29th June. To meet the shortage of coal in the domestic market, the government had directed Coal India to import.
IND vs SA: 'I was short of breath...', why did Arshdeep thank KL Rahul after taking five wickets?
India defeated South Africa by eight wickets in the first match of the three-match ODI series. Wi
Only a few hours are left for the counting of votes for the Lok Sabha elections in 2024. Counting
External Affairs Minister S Jaishankar will leave on Thursday on a two-day visit to the capital o
Tariffs will be increased by 264% for people who consume less electricity in Sri Lanka. Whereas f
Today is the second day of the winter session of the Bihar Legislature. As soon as the session st
West Bengal STF has arrested two suspected members of the banned terrorist organization Al Qaeda
The death toll in the devastating landslide that occurred in Kerala's Wayanad after heavy rains i
A French reporter reporting live in Ukraine narrowly escaped a Russian missile attack. The video
These are the 5 most expensive phones launched in 2022, the price of the phone is in lakhs!
Smartphones are the fastest-growing segment of electronics. Mobile companies launch new and upgra
Cricketer Virat Kohli announced on Monday that he is retiring from Test cricket. His decision sho
