ONGC Videsh Ltd has sold a cargo of Russian Sokol oil to refiners like Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), Reuters reports.
The overseas investment arm of the state-run ONGC holds a stake in Russia’s Sakhalin-1 project.
It sells its share of the oil from the project through tenders. However, ONGC Videsh failed to get any bids for the Sokol crude oil cargo for May loading.
Sources in the know of developments told the international news agency that the likes of HPCL and BPCL managed to offer a discounted price for the cargo.
This in fact marks the first-ever purchase of the Sokol crude by HPCL whereas BPCL had formerly bought the grade way back in 2016.
ONGC will be paid in rupees. The international arm of the company is reportedly considering selling more cargos to Indian refiners provided that there is no interest shown by overseas buyers.
Indian companies have been securing Russian oil at deep discounts as several nations have been avoiding Moscow in the wake of sanctions on them due to their ongoing war with Ukraine.