ONGC failed to bid in its tender to sell Russian oil: Report – Times of India

new Delhi: ONGC Videsh Sources familiar with the matter failed to receive bids in its tender to sell 700,000 barrels of Russian Sokol crude in a growing backlash against Moscow for its invasion of Ukraine, sources familiar with the matter said.
This was the first tender by ONGC Videsh since the war broke out in Ukraine on 24 February.
ONGC Videsh, the foreign investment arm of India’s top explorer oil and natural gas crop, holds a 20% stake in Russia’s Sakhalin-1 project and sells its share of the oil through tenders.
The tender for sale of May loading goods closed on Thursday.
Sources said that initially 11 parties, including oil companies, had shown interest in buying Sokol oil, but later “regretted”.
ONGC Videsh did not respond to an email from Reuters seeking comment.
Two sources said ONGC Videsh has the option of bringing the cargo to India for processing at refineries owned by its subsidiary Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd.
The United States on Tuesday banned Moscow oil and gas imports, while some Western oil companies, including Shell, have said they will stop buying Russian oil.
No Indian company has publicly backed out of Russia and New Delhi has refused to condemn Moscow’s invasion of Ukraine despite pressure from the United States.
The Kremlin describes its actions in Ukraine as a “special operation” to disarm its neighbour.
Russian firms have faced problems securing financing for April contracts to sell crude and oil products, but the situation could be resolved, Deputy Prime Minister Alexander Novak was quoted by Interfax news agency on Thursday. went.