Indian Oil Corp, the nation’s high refiner, on Wednesday purchased 3 million barrels of Russian Urals and a pair of million barrels of West African oil by means of a young for Could loading, commerce sources mentioned.
Urals crude has been bought from dealer Vitol on delivered foundation at a “low cost”, they mentioned.
That is the second buy of Urals by IOC since Russia invaded Ukraine on Feb. 24. It purchased comparable volumes of Urals from Vitol earlier this month for supply in Could.
The invasion has prompted a barrage of sanctions which have restricted Russia’s potential to do enterprise in main currencies and hit a number of of its banks and state-owned enterprises.
India has referred to as for an finish to violence in Ukraine however shunned outright condemnation of Russia, with which it has long-standing political and safety ties.
The world’s third-biggest client and importer of oil has additionally not banned Russian oil imports, not like a number of Western nations.
IOC additionally bought one million barrels every of Nigerian Usan and Agbami oil from Exxon, the commerce sources mentioned.
The businesses sometimes don’t touch upon industrial offers.
This story has been revealed from a wire company feed with out modifications to the textual content.
Supply: Live Mint