ONGC struggling to transport Russian oil as sanctions chew

ONGC struggling to transport Russian oil as sanctions chew

by admin- Thursday, April 28th, 2022 07:09:50 AM

Shipping organizations are less inclined to transport Russian oil, fearing the capability reputational dangers involved with charters
India’s Oil and Natural Gas Corp (ONGC) is suffering to find a vessel to deliver 700,000 barrels of crude from Russia’s Far East, in a growing signal that complicated trades involving considered one of Moscow’s biggest companions are being interrupted by way of Western sanctions, resources say.

Several Indian corporations, including ONGC have stakes in Russian oil and gas assets, and India has been buying extra Russian crude considering that Moscow invaded Ukraine, snapping up the popular Urals crude grade, at the same time as other customers have shunned Russian exports.

ONGC has a 20 in line with cent stake inside the Sakhalin 1 project that produces a Russian grade called Sokol, which ONGC exports thru tenders. Sokol is often bought by North Asian customers and loaded from South Korea.

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