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Far Eastern oil reaches India

Russia (bbabo.net), - For the first time in more than two months, Russian Sokol oil was unloaded in India. Back in November and early December, five tankers carrying raw materials from the Far East stopped making their way to the country due to sanctions, price limits and low discounts.

The Jaguar tanker with a capacity of 105 thousand tons delivered Russian Sokol grade oil to Vadinar, India. This turned out to be the first cargo of Far Eastern raw materials to reach India since the end of November.

As Bloomberg reports, the cargo arrived for the Nayara Energy refinery, in which Rosneft owns 49%.

Earlier, in November-December, five tankers were heading to India with Sokol oil, but were forced to turn off the route. Almost all of the tankers belong to Sovcomflot, whose UAE-based vessel operator was subject to US sanctions.

“Reduced discounts on Russian oil, US sanctions against shipowners carrying Russian oil above the price ceiling, and rising tanker freight prices due to attacks in the Red Sea have made Russian oil less attractive to Indian refineries in recent months,” the head of the analyst told Reuters Vortexa Asia-Pacific team Serena Huang.

In February, India will receive five shipments of Russian Sokol oil, the agency reported.

According to the Russian Ministry of Finance, from July until the end of 2023, the average price for Russian Urals oil exceeded $60. At the same time, Far Eastern grades are always traded at a higher price, and from the very beginning of the G7 and EU price ceilings, their price was above $60 per barrel. In the fall, the United States began to tighten the screws and imposed sanctions on tankers and their shipowners. 25 tankers were subject to restrictions. 18 of them belong to Hennesea Holdings Limited, and six belong to Sovcomflot.

Far Eastern oil reaches India