Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsBusiness

ONGC sells Russia's Sokol oil to BPCL, HPCL: Report

ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp ONGC.NS, has a stake in Russia's Sakhalin-1 project and sells its share of the oil from the project through tenders.

March 28, 2022 / 08:28 PM IST

India's ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to draw interest in a tender earlier this month, sources familiar with the matter said.

Indian companies are snapping up Russian oil as it is available at a deep discounts after some companies and countries shunned purchases from Moscow due to sanctions against Russia for its Ukraine invasion.

India, the world's third-biggest oil consumer and importer, has not banned Russian oil imports.

ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp ONGC.NS, has a stake in Russia's Sakhalin-1 project and sells its share of the oil from the project through tenders.