Refiners said to seek six-month Russian oil import deal

IOC, HPCL, BPCL may import up to 16 bn barrels a month from Russia

Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month, multiple sources with knowledge of the matter said, as the world's third largest importer seeks more Russian crude despite Western sanctions.

India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb. 24 as it did in the whole of 2021, according to Reuters calculations. Russia calls the attack a "special military operation" to disarm Ukraine.

Western sanctions against Russia have prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude into record discounts against other grades.

Rosneft is in talks with Indian and Chinese companies about supply deals after the company lost Western term buyers, two sources said.

While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned Moscow's actions.

That provided Indian refiners, which rarely used to buy Russian oil, an opportunity to snap up low-priced crude.

India's top refiner Indian Oil Corp. (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp are negotiating the deal with Russia's Rosneft, the sources said.