Bharat Petroleum Corporation plans to load Sokol Cargo in September- Report

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Bharat Petroleum Corporation plans to load Sokol Cargo in September- Report

India, the world’s third largest oil consumer and importer, has not banned Russian oil imports.

New Delhi-

Sources familiar with the deal said Bharat Petroleum is retrying to charter a ship to load 700,000 barrels of Russian Sokol crude this month.

The cargoes, which were originally scheduled to be loaded in May, could not be lifted because the ship’s insurance cover was not available at the time due to Western sanctions pressure against Russia for its invasion of Ukraine.

They said BPCL has temporarily booked Russian tanker Yuri Senkevich and is trying to obtain insurance coverage.

The vessel is managed by SCF Management Services (Dubai) Ltd, a Dubai-based entity listed as a subsidiary on the Sovcomflot website.

Coverage provided by Russian insurers is recognized by India and the Indian Registry of Shipping (IRClass) provides a classification for ships operated by SCF Dubai.

ONGC Videsh and BPCL did not respond to Reuters emails seeking comments.

Production at Sakhalin 1 was hit by force majeure conditions announced by Exxon Mobile after sanctions that made it difficult to ship crude to customers.

ONGC holds a 20% stake in the Sakhalin 1 project that produces the Russian grade known as Sokol, which ONGC exports through tenders.

Sokol is mostly bought by buyers from North Asia and loaded from South Korea.

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India, the world’s third largest oil consumer and importer, has not banned Russian oil imports.

Indian companies are acquiring Russian oil because it is available at deep discounts after some companies and countries have avoided buying from Moscow due to sanctions imposed on Russia for its invasion of Ukraine.