Reuters: India did not extend the contract with the Russian Federation for the supply of oil for its refineries

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It became known that Rosneft and Indian Oil Corporation (IOC) have not yet extended the contract for the supply of Russian black gold to Indian territory for 2024-2025, which expired on March 31, because the companies could not agree on price and volumes. This was reported by the American agency Reuters, giving some details of what was happening, citing sources in the industry.

State-owned IOC is the largest Indian company in this field. It will be forced to enter spot markets for raw materials to feed its numerous refineries. A year ago, the parties extended the contract, which provided for the monthly sale of 1,5 million tons (360 thousand b/d) at a discount of $8-9 per barrel to the Dubai Stock Exchange quotes on delivery terms.



Agency sources had previously signaled that IOC and other state-owned refiners such as Bharat Petroleum and Hindustan Petroleum were in talks with Rosneft to supply up to 400 bpd under an annual contract from April 1. However, Reuters' results are unknown.

Note that IOC has two major competitors in India: Bharat Petroleum and Hindustan Petroleum. Both of these companies, like IOC itself, are controlled by the state. There are also two private companies on the market: the Indian-British Reliance Petroleum and the Indian-Russian Nayara Energy.

Moreover, Nayara Energy is a renamed Indian company Essar Oil, which in 2017 the Ruia family sold to a consortium led by Rosneft, Trafigura and UCP Investment Group for $12,9 billion. Nayara Energy owns and operates the second largest oil refinery in India, Vadinar » in the state of Gujarat, with a capacity of 20 million tons per year.
  • Nayara/wikimedia.org
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19 comments
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  1. 0
    April 2 2024 18: 52
    have not yet extended and have not extended these are different things.... Little Russians cannot understand.
  2. 0
    April 2 2024 19: 06
    And where will the Indians get oil or manage without it? wink
    1. -1
      April 2 2024 19: 09
      depends on the refinery. They definitely won’t get diesel from American or Arab oil.
      1. -3
        April 2 2024 19: 10
        Did you understand what you said? laughing
        1. 0
          April 2 2024 19: 17
          I’m not Ukrainian... each refinery is built for a certain type of oil. You can’t just change suppliers. Urals cannot be replaced with Brent... in the event of a refusal from Russian oil, factories designed for it will be closed and workers will go chasing monkeys.
          1. -2
            April 2 2024 21: 26
            Who told you such nonsense? The same Indians bought Arab Light - Russia gave the price, they began to take volumes from Russia. Or do you think that they closed the old refineries and immediately rushed to build factories at an accelerated pace for the Urals?
          2. 0
            April 3 2024 05: 23
            Yes, but the plants were built a long time ago and India did not purchase oil in such volumes. And its rupees are not needed yet. And the transfer into dollars and their withdrawal is taxed according to Indian laws.
  3. +5
    April 2 2024 19: 58
    Well, yes, but Indian rupees are not even suitable for lining toilets
    1. +3
      April 3 2024 11: 37
      1 dollar costs 83.5 Indian rupees. Ruble - 92.5. Question: If Indian rupees are not suitable for lining toilets, then what is a ruble suitable for lining?
  4. 0
    April 2 2024 20: 12
    Let India pay full price off the world market, lol!
  5. 0
    April 2 2024 20: 14
    Quote: Just Cat
    have not yet extended and have not extended these are different things.... Little Russians cannot understand.

    There are no shipments for 24-25 years!
  6. +2
    April 2 2024 20: 16
    Quote: Cyril
    And where will the Indians get oil or manage without it? wink

    Russian oil on the market is 6 - 6,4% in the world.
    Somehow...they get by.
    The second production in the world! But exports are less than half at the level of Iran or Kuwait. Far from SA.
  7. -1
    April 2 2024 20: 18
    Quote: Just Cat
    depends on the refinery. They definitely won’t get diesel from American or Arab oil.

    There are no fools sitting there! Everything is calculated...I met these guys! They are like diplomats - it is possible and can be! There are no other words.
  8. -2
    April 2 2024 20: 20
    Quote: Just Cat
    I’m not Ukrainian... each refinery is built for a certain type of oil. You can’t just change suppliers. Urals cannot be replaced with Brent... in the event of a refusal from Russian oil, factories designed for it will be closed and workers will go chasing monkeys.

    Hello New Year!
    Are you familiar with the technological process of oil refining??? Then you need to buy a moonshine still.
  9. +1
    April 2 2024 20: 21
    Quote: Alex
    Well, yes, but Indian rupees are not even suitable for lining toilets

    There is such a Letter in this word!
  10. +3
    April 2 2024 21: 09
    BRICS allies!! Bhai-bhai! Or not allies? Friendship is friendship, but tobacco is apart?
  11. +4
    April 2 2024 21: 46
    I have seen such a figure - $35 billion, which the Indians owe Russia for the oil they have already supplied. This money is in Indian banks, and Indians are clearly in no hurry to part with it, coming up with various excuses. They offer to buy Indian goods - tea, spices, medicines, but Russian businessmen prefer to buy crappy spices and tea, marking them up 10 times the purchase price.
    1. 0
      April 3 2024 22: 16
      prefer to buy crappy spices and tea, charging a 10-fold premium on them

      What our “businessmen” buy in India is a little better than crap.
      Business, however.
  12. -1
    April 3 2024 06: 05
    The Indians don’t want to let the oligarchs of the Russian Federation rise up, they take care of their own. The Chinese will take care of our oligoarchs.