{"id":26358,"date":"2023-06-23T03:42:26","date_gmt":"2023-06-23T07:42:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/exclusive-indias-bpcl-in-talks-with-rosneft-to-buy-oil-priced-on-dubai-benchmark-sources\/"},"modified":"2023-06-23T03:42:27","modified_gmt":"2023-06-23T07:42:27","slug":"exclusive-indias-bpcl-in-talks-with-rosneft-to-buy-oil-priced-on-dubai-benchmark-sources","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26358","title":{"rendered":"Exclusive – India’s BPCL in talks with Rosneft to buy oil priced on Dubai benchmark – sources"},"content":{"rendered":"
\n

By Nidhi Verma<\/p>\n

NEW DELHI (Reuters) – Indian state-run refiner BPCL (NS:) is in talks with Rosneft (MCX:) to buy about 6 million metric tons (43.8 million barrels) of discounted Russian crude at a price based on the , according to three sources with direct knowledge of the matter.<\/p>\n

The deal would deepen India’s commitment to its now-biggest oil supplier in the wake of Western sanctions on Moscow and mark a continued shift by Rosneft to pricing its oil against the Middle Eastern benchmark used in Asia and away from the Europe-dominated .<\/p>\n

Under the pending deal, Rosneft would deliver the equivalent of 6 to 7 cargoes of about 700,000 to 720,000 barrels each per month through March 2024 to Bharat Petroleum <\/span><\/span> Corp Ltd (BPCL), according to the sources, who declined to be named as they were not authorized to speak to media.<\/p>\n

Talks are at an advanced stage for a contract, with both sides working out details including terms of payment, the sources added.<\/p>\n

BPCL and Rosneft did not respond to requests for comment.<\/p>\n

A deal, which needs approval from BPCL’s board, would further expand the share of Russian oil flowing to the world’s third-largest oil importer.<\/p>\n

Russia has become India’s top oil supplier, with a 40% share, after diverting supplies away from Europe.<\/p>\n

Indian refiners, which in the past rarely bought Russian oil due to high transport costs, are snapping up crude sold at a discount after some Western entities and nations shunned purchases from Moscow following its invasion of Ukraine.<\/p>\n

European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel to curb Moscow’s revenues.<\/p>\n

Russian crude sold to BPCL would be priced at a discount of $8 per barrel to the Dubai benchmark, the sources said.<\/p>\n

Indian Oil Corp, the country’s top refiner, struck a deal in April with Rosneft for up to 1.5 million metric tons of oil per month priced against the Middle East benchmark at a discount of $8 to $10 per barrel, according to sources.<\/p>\n

Rosneft has been gradually moving from the Europe-dominated Brent benchmark because Russian oil sales have mostly shifted toward Asia after Europe shunned purchases from Moscow.<\/p>\n

Both benchmarks are denominated in dollars and set by S&P Global Platts, a unit of U.S.-based S&P Global Inc.<\/p>\n

The Dubai benchmark is heavily influenced by Asian and Middle Eastern oil trading, while Brent is mostly used to price crude from Europe, Africa, and South America.<\/p>\n

Russia has been rerouting its energy supplies from traditional markets in Europe to Asia, mainly India, and China, since the West imposed wide-ranging sanctions, including an embargo on seaborne Russian oil imports.<\/p>\n

BPCL, like most Indian refiners, makes spot purchases of Russian oil, mostly from traders.<\/p>\n

In the new contract under discussion, BPCL aims to import various Russian oil grades including Sokol, Varandey, and Urals, the sources said.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Nidhi Verma NEW DELHI (Reuters) – Indian state-run refiner BPCL (NS:) is in talks with Rosneft (MCX:) to buy about 6 million metric tons (43.8 million barrels) of discounted Russian crude at a price based on the , according to three sources with direct knowledge of the matter. The deal would deepen India’s commitment […]<\/p>\n","protected":false},"author":1,"featured_media":25792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-26358","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nExclusive - India's BPCL in talks with Rosneft to buy oil priced on Dubai benchmark - sources | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Nidhi Verma NEW DELHI (Reuters) - Indian state-run refiner BPCL (NS:) is in talks with Rosneft (MCX:) to buy about 6 million metric tons (43.8 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=26358\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive - 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