New bench of traders muscle in to supply Russian oil to India
NEW DELHI: India is set to get more channels to buy cheap Russian oil, with a new wave of smaller, international traders muscling into its vast market by offering barrels shunned by rivals after the invasion of Ukraine.
State-run refiners such as Indian Oil Corp are warming to the idea of buying from the lesser-known traders. Refinery officials said they’ve found it easier to work with them, rather than directly with Russian producers, as there’s less bureaucracy that slows negotiations with firms such as Rosneft PJSC.
Companies include Wellbred and Montfort have been marketing Russian oil to Indian buyers, joining the likes of Coral Energy and Everest Energy as more traders emerge to fill the gap left by larger merchants such as Vitol Group, said the officials, who declined to be named. According to their websites, the companies have offices in Switzerland, Dubai and Singapore.
这些不愿透露姓名的官员说，包括Wellbred和Montfort在内的公司一直在向印度买家推销俄罗斯石油，加入了Coral Energy和Everest Energy等公司的行列，因为越来越多的贸易商开始填补维多集团等大型贸易商留下的空白。根据他们的网站，这些公司在瑞士、迪拜和新加坡都设有办事处。
Trading houses often serve the function of middlemen by bridging differences between sellers and buyers. In theory, some companies can continue to work with Russian entities that’ve been sanctioned under certain jurisdictions, help with financing and logistics, and even offer different payment terms to assist in the movement of funds.
Sri Lanka received Russian crude onboard a vessel chartered by Coral Energy in May and has since bought more from the trader.
“Indian refiners are willing to take the risk of dealing with these new, little-known traders because the discounts must be too good to pass up,” said Vandana Hari, founder of Vanda Insights.
Vanda Insights创始人Vandana Hari表示：“印度炼油商愿意冒险与这些新的、不知名的交易商打交道，因为折扣肯定很大，不容错过。”
“We know the Indian refiners want the Russian cargoes on a delivered basis. So as long as the new traders are fulfilling that need, it works,” she added.
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Ensure payment only after supplies reaching Indian shores .
India would do well to protect Indian interests without becoming subservient to other nations or without coming into any kind of pressure that would hurt our national interests. The quality of imported oil should not be compromised at all and sources that offer the best negotiated prices should be preferred. It should be remembered that today we are heavily dependent on Crude.
In spite of all this, Americans pay less for petrol than Indians. Ever wondered where all that excess money Indians pay goes?
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US in no 11 on oil reserves, India is 24th
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USA stole oil from Kuwait, Iraq, Syria, Libya etc.,India pays for oil. Understand the difference??
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Small traders are also better for kickbacks. Bet refinary bosses forget to mention this.
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" Bring it on" There is big money to be made. Bring suitcases full of gold bars to Bharat.
Sanction are hel US... more buying itself thru illegal routes, ukraine now no more than a testing ground for west and Russia. China Russia already formed alliance. India walking on tightrope.
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Modi should pass on the benefit of buying cheap oil to the aam janta.. instead of filling his party coffers.
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Infrastructure development projects cost money.
Non sense one minister telling after five years there will not be any petrol usage in India. They why are they fooling the people
Good. Will it benefit the people of India to get at a lower price and what about the quality?
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RIL will benifit but IOC officials will take huge bribes
Aspire to Inspire
Traders are at the mercy of producers and have no control over supply.
Sanctioning Russia should have been a well thought out decision and it backfired the so called powerful bloc - US , EU and its allies ! These countries couldn't even sit down with Russian president Putin to solve the issues . Not sure why they were hell bent on Ukraine joining NATO ! Infact , Ukraine government treated Russians living in Ukraine very badly and it just boiled and boiled to a level where there was no backing away from war
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We don't know the policy is good or bad but what about Iranian Cheep oil?
Keep buying from Russia but dont cry spit milt when china comes to take over Arunachal Pradesh. Russia always will stand with China when china needs help as china is putin's uncle and financier. Modhiji is only a distant cousin for Putin. But midhi thinks that putin is his brother, but putin thinks otherwise.
If IOCL is getting crude at a lower price will modi pass on the benefits to common man. I dont think so.
Beware of fradulant companies also
Modi will profit from this cheap oil but won't pass benifit to common man. He won't reduce petrol/diesel price. Instead he will use the profit to feed his PR team, social media team , IT team etc
Announcing sanctions on Russia has become pain in the neck for European countries. Thus unsold oil is being tapped by Indian companies for discount. In fact sanctions on Russia are hurting European countries more than Russia.