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Despite US pressure, Russian oil tankers unload at Indian refineries
Bloomberg
By Weilun Soon and Rakesh Sharma
At least four tankers discharged millions of barrels of Russian crude at Indian refineries at the weekend, a sign the closely scrutinised deliveries are continuing as normal, even as the US ramps up pressure on the South Asian country to stop purchases.
Oil traders and shipping companies have been waiting for direction from New Delhi on whether supplies from Moscow will be allowed to continue after US President Donald Trump last week threatened punitive action to curb trade with Russia. Over the weekend, a senior aide accused India of effectively funding President Vladimir Putin's war in Ukraine.
Washington's tough demands, coming after a surprise 25 per cent tariff on Indian exports to the US, threw private and state-owned refineries' purchase plans into disarray. Still, India hasn't asked refiners to stop Russian crude imports, according to people familiar with the matter.
Three Aframaxes — the Achilles, Elyte and Horae — unloaded nearly 2.2 million barrels of Urals crude, a key Russian grade, to private processors Nayara Energy Ltd and Reliance Industries Ltd over the weekend after a slight delay, ship-tracking data show.
The Mikati, also an Aframax, delivered more than 720,000 barrels of Russia's Varandey crude on a two-stop journey that included deliveries to refineries in Kochi and Mangalore. State-run Bharat Petroleum Corp Ltd owns the Kochi refinery, while Mangalore Refinery and Petrochemicals Ltd. is majority owned by state-run Oil and Natural Gas Corp Ltd.
More tankers are poised to discharge another 2.2 million barrels of Urals in the coming hours, with Minion and Destan now at Sikka, a terminal operated by Reliance. Aldebaran is due to unload across the gulf at Mundra. While Bloomberg News couldn't immediately determine the buyer, the Mundra port serves both government-run Indian Oil Corp Ltd. and HPCL-Mittal Energy Ltd, partially owned by state-run Hindustan Petroleum Corp Ltd.
Reliance, the largest buyer of Russian Urals, has a long-term deal with Russian producer Rosneft PJSC that would ensure it can get those barrels over several years.
India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies. Scrutiny has increased in recent weeks, even before Trump's latest comments. Nayara was sanctioned by the European Union on July 18 for its links to Russia, prompting the processor to cut run rates and pushing trade partners to seek supplies elsewhere.
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