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☆ India's Russian oil buying hits record high, slashes Mideast, Africa share
▼ + stars: | 2023-05-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

Asia's third-largest economy imported about 1.9 million barrels per day (bpd) of Russian oil in April, about 4.4% higher than the previous month, the data showed. Higher imports from Russian raised the share of oil from the C.I.S. India's oil imports from various regionsRussia remained the top oil supplier to India for the sixth-straight month in April, followed by Iraq and Saudi Arabia. Oil imports from Russia also rose as Indian Oil Corp (IOC.NS), the country's top refiner, raised the size of its annual import deal with Rosneft (ROSN.MM). Lower purchases of oil from the Middle East dragged OPEC's share of India oil imports to a record low of 46%, the data showed.

☆ Borrell urges EU to crack down on imports of Indian fuels made with Russian oil -FT
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

India has emerged in the past year as a top buyer of Russian oil following Moscow's invasion of Ukraine on Feb. 24, 2022. Russia's largest oil producer Rosneft (ROSN.MM) and top Indian refiner Indian Oil Corp (IOC.NS) have also signed a term deal to substantially increase and diversify oil grades delivered to India. According to ship-tracking data from Kpler, Reliance Industries (RELI.NS) and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil. However, that has increased to 200,000 bpd after the EU banned Russian oil products imports from Feb. 5 this year, data from Kpler shows. Any mechanism to stem the flow of Russian oil would need to be implemented by the national authorities, Borrell told the FT, suggesting that the EU could target buyers of Indian refined fuels which it believes are derived from Russian crude.

☆ Head of Russia's crime agency suggests nationalising key parts of economy
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

May 13 (Reuters) - The head of Russia's federal crime agency on Saturday suggested that key sectors of the economy should be returned to state ownership to support Moscow's war in Ukraine. "Let's go along the path of nationalising the main sectors of our economy." Russia's economy and government coffers rely heavily on production of oil, gas and metals. Gazprom (GAZP.MM), Russia's largest natural gas producer, is already controlled by the state. Its largest oil company, Rosneft (ROSN.MM), is not formally under government control but is headed by Igor Sechin, a long-standing ally of Putin.

☆ Exclusive: Oilfield firm SLB retrenches as Russia sanctions squeeze
▼ + stars: | 2023-05-10 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

While SLB wasn't in breach of sanctions, the decision has triggered a backlash from employees and human rights groups. Reuters was unable to establish why SLB implemented new restrictions on its Russian business. Earlier this year, the U.S. expanded sanctions on Russia, including some targeting its mining and metals sector. Both last year also restricted financial transactions with Russia and placed export restrictions on certain energy equipment, technology and services. "Any new Global SLB Group-wide systems/applications should not be connected to or accessible by Russia," SLB told employees in a late-March memo viewed by Reuters.

☆ A mysterious Indian firm likely tied to Russia's Rosneft amassed an enormous tanker fleet in just 18 months and has become a top shipper of Russian crude, report says
▼ + stars: | 2023-05-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

An India oil firm that's become the top shipper of Russian crude is likely tied to Rosneft, the FT reported. That comes amid India's growing appetite for deeply discounted Russian crude. It's unclear who owns Gatik, though industry experts have suggested the company is likely tied to Rosneft, Russia's largest state-run oil firm. Russian oil makes up 30% of India's crude consumption, up from the 1% prior to Russia's invasion of Ukraine, according to official trade statistics. Russia, in response, has built up its fleet of shadow ships, which are believed to transport Russian crude to the west via uninsured and under the radar vessels.

"It could be some kind of non-controlling stake in public companies," Kostin said in the interview. COMPETITIONHe said some industries lacked competition, a hangover from Soviet times, a consequence of which would ultimately see more investors take money elsewhere. Telecoms operator Rostelecom (RTKM.MM), defence conglomerate Rostec and state nuclear energy company Rosatom could have subsidiaries privatised, he said, adding: "The main thing is not to miss the moment when we can attract private money here." Under that programme, state property was sold very cheaply to well-connected businessmen who became known as "oligarchs". "We have a different country now, a different president, a different government that cannot allow what happened then," he said.

☆ Russia is landing new buyers for its sanctioned diesel all over the world and Brazil's taking advantage of the steep discounts.
▼ + stars: | 2023-04-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking energy — and I'm sharing a conversation with a leading expert on Russian diesel flows. Phil Rosen: You shared some data on how Brazil is seeing a dramatic uptick in Russian diesel imports, and a decrease in diesel imports from other sources, including the US. It really does appear that Russian diesel is muscling in on US market share in Brazil. How does this data on Brazil's diesel imports fit into the broader picture with China and India? Russian diesel is displacing traditional suppliers to these countries, while trade flows are changing to backfill the loss of Russian diesel into Europe.

☆ U.S. imposes fresh sanctions on financial network linked to Russian oligarch Alisher Usmanov
▼ + stars: | 2023-04-12 | by ( Amanda Macias | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Biden administration imposed fresh sanctions aimed at the financial network linked to Russian billionaire and business tycoon Alisher Usmanov. Last year, German authorities seized the world's largest superyacht following official confirmation that the vessel had links to Usmanov. Read more: World’s largest yacht, linked to Russian billionaire Usmanov, is seized by GermanyUsmanov and his superyacht entered the crosshairs of the U.S. and its allies following coordinated global sanctions on Russian elites with Kremlin ties. Last March, French authorities seized a massive yacht they say is linked to Igor Sechin, a Russian billionaire who is CEO of state oil company Rosneft. The Lady M, known to be the property of Russian billionaire Alexei Mordashov, was previously seized in Italy.

☆ India remains top destination for Russian Urals oil in April
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, April 10 (Reuters) - India remains the main destination for Russia's seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday. Last month Russia's Rosneft and Indian Oil Corp (IOC.NS) announced a supply deal for up to 1.5 million tonnes of Russian oil (11 million barrels) per month from April 1. Urals oil shipments to China, meanwhile, have not increased significantly in April. "China is buying Urals, but not as actively as was expected," a trade source involved in Russian oil trading said. Russia's Gazpromneft shipped 140,000 tonnes of Urals from Novorossiisk to Myanmar in April, having supplied it for the first time in March.

☆ India-China competition, OPEC cuts nudge Urals above price cap
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

MOSCOW/SINGAPORE, April 5 (Reuters) - Russian Urals oil broke through the $60 per barrel price cap on Wednesday, boosted by strength in international benchmark Brent after OPEC+ announced an output cut, three sources involved in Russian oil trade said and Reuters calculations showed. The price cap was introduced in December by G7 countries and Washington said it would help to avoid supply disruptions by keeping Russian oil flowing, while limiting revenues for Russia's President Vladimir Putin. The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations. If international prices fall, the actual price of the deal could still be below the cap.

Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.

☆ Exclusive: India's Bank of Baroda stops clearing payment for above-cap Russian oil - sources
▼ + stars: | 2023-04-04 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

"Bank of Baroda is extremely cautious in settling payments for Russian oil bought (at levels) above the price cap," one of the sources said. After Western sanctions on Moscow for its invasion of Ukraine, Indian refiners have been gorging on discounted Russian oil. Russia has replaced Iraq as the top oil supplier to India in the last few months, data from trade sources showed. It was not clear if Axis Bank had also stopped settling trades for Russian oil sold above the price cap. India does not recognise the Western price cap on Russian oil, a senior oil ministry source said last month.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The 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. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrel
▼ + stars: | 2023-04-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a "precautionary measure" targeted toward stabilizing the oil market. The move comes on the back of Russia's decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country's Deputy Prime Minister Alexander Novak. "OPEC+'s plan for a further production cut may push oil prices toward the $100 mark again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions," CMC Markets' analyst Tina Teng told CNBC.

☆ Russia's Rosneft signs deal to boost oil supplies to India
▼ + stars: | 2023-03-29 | by ( Olesya Astakhova | ) www.reuters.com time to read: +2 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, March 29 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday. The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said. "The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies," it added. Deliveries to India are set to account for more than 50% of all seaborne Urals exports this month, with China in second place. Deputy Prime Minister Alexander Novak said on Tuesday that Russian oil sales to India jumped 22-fold last year, but he did not specify the volume sold.

HOUSTON, March 21 (Reuters) - Venezuela's state-run oil company PDVSA has accumulated $21.2 billion in accounts receivable, according to documents viewed by Reuters, after turning to dozens of little known intermediaries three years ago to export its oil under U.S. sanctions. The scale of the receivables explains a January freeze on supply contracts by PDVSA's new boss Pedro Tellechea, who sought to halt unpaid cargoes immediately after taking office. A series of attempts to tighten contract terms came after some vessels absconded without payment in recent years. PDVSA and Venezuela's oil ministry did not immediately reply to a request for comment. Reporting by Marianna Parraga; Editing by Gary McWilliams and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Florence LoBEIJING, March 20 (Reuters) - Chinese state energy giants have made a number of multi-billion dollar investments in Russia, one of China's top oil and gas suppliers, across various stages of the energy supply chain. Below are the main investments by the Chinese government, key state-owned energy companies and their listed vehicles, based on company releases and Reuters reports. 2005: Sakhalin-3 Veninsky oil projectRussian oil giant Rosneft (ROSN.MM) and Sinopec (600028.SS), agreed to jointly explore the Sakhalin-3 Veninsky block during a visit by China's then-president Hu Jintao to Moscow in 2005. It became China's first energy project in Russia. 2019: Arctic LNG 2In 2019 China's CNOOC Ltd (0883.HK) and PetroChina agreed to buy a combined 20% stake in the $25.5 billion Arctic-2 liquefied natural gas project led by Novatek.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Western sanctions have weakened the dollar's dominance as India buys Russian oil with other currencies
▼ + stars: | 2023-03-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

India has been buying Russian oil trade with non-dollar currencies like the ruble, Reuters reported. India's shift came after the West imposed new sanctions on Russian oil in December. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyWestern sanctions have weakened the dollar's dominance in oil trades, as India increasingly buys Russian oil using other currencies, Reuters reported. Still, India is now the third-biggest importer of Russian oil, and traders will likely keep looking for ways to maintain flows. "As it is, the government is not asking us to stop buying Russian oil."

Schwedt has traditionally supplied 90% of the gasoline, diesel, jet fuel and fuel oil used in Germany's capital city. Moscow last month retaliated against their bilateral efforts by halting oil flows to Poland via the Druzhba pipeline, thereby squeezing Poland’s ability to free up oil for Schwedt. Polish state-controlled refiner PKN Orlen now needs to use more capacity at the Gdansk oil terminal to feed its own Plock refinery. ROSNEFT STAKEGermany and Poland started discussions about shipping non-Russian oil to Schwedt via the port of Gdansk, Polish pipelines and Druzhba in early spring 2022. KEBCOIn a move that further complicated talks with Poland, Germany late last year approached Kazakhstan about supplies for Schwedt, sparking new concerns in Warsaw.

☆ Poland's PKN will demand compensation after Russia stopped oil deliveries, says CEO
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 6 (Reuters) - Poland's PKN Orlen (PKN.WA) will demand compensation after Russia halted oil deliveries to Poland via the Druzhba pipeline in late February, Chief Executive Officer Daniel Obajtek said on Monday, without giving further details. "... Russians stopped pumping oil to Poland...so we will now take legal action and demand claims," he told private Radio Zet. He declined to give a value for potential compensation saying he could not discuss details of company contracts. Last March, Poland pledged to stop using Russian oil by the end of 2022, the same time as PKN's long-term contract with Rosneft (ROSN.MM) expired. Last week Prime Minister Mateusz Morawiecki said Poland would cut its oil imports from Russia to close to zero in February-March from around 10% of the oil refined by PKN at the beginning of 2023.

☆ Cuba's president meets CEO of Russia's Rosneft amid fuel shortage
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

HAVANA, March 5 (Reuters) - Russian oil firm Rosneft's CEO Igor Sechin met with Cuba's President Miguel Diaz-Canel late on Saturday, the island's leader said, amid an acute fuel shortage that has service stations temporarily shuttered and hours-long gasoline queues. Several tweets on Cuba's Presidency account emphasized the good relations between the two countries, but did not specify the reason for the visit by the state-run oil firm's boss. Cuba's former leader Raul Castro has also flown to Caracas for the occasion, Cuban state-run media said. Russia, hit by Western sanctions over the conflict in Ukraine, is looking to strengthen political and economic ties with other countries opposed to what it calls U.S. hegemony. Cuba has been under a U.S. economic embargo since 1962 after a Communist revolution led by former leader Fidel Castro.

☆ A Russian oil depot caught fire hundreds of miles from Ukraine, the possible result of a daring Ukrainian drone attack
▼ + stars: | 2023-02-28 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A fire broke out at a Russian oil facility on Tuesday night, far from the country's borders. Neither Ukrainian nor Russian authorities verified the incident as an attack, though Russian outlets said drones were seen near the oil facility, run by government-controlled oil giant Rosneft. Russia's Ministry of Defence said that there was a drone attack on a site in Krasnodar, though it claimed to have foiled it. "One where NATO is allegedly directly helping Ukraine to attack Russia." Ukraine has previously struck Russian territory with the same modified drones, unnamed Kyiv officials told Politico in December last year.

☆ Oil lower on firm dollar, market shrugs off Russian supply cuts
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts. A firm dollar makes commodities priced in the U.S. currency more expensive for holders of other currencies. Adding to the downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration showed. Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine.

☆ Russia halts pipeline oil supplies to Poland, PKN Orlen CEO says
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

WARSAW, Feb 25 (Reuters) - Russia has halted supplies of oil to Poland via the Druzhba pipeline, Daniel Obajtek, chief executive officer of Polish refiner PKN Orlen (PKN.WA), said on Saturday. PKN Orlen said it could fully supply its refineries via sea and that the halt in pipeline supplies would not impact deliveries of gasoline and diesel to clients. The pipeline, which supplies oil to Poland and Germany, as well as to Hungary, Czech Republic and Slovakia, was excluded from sanctions to help countries with limited options for alternative deliveries. Following the invasion of Ukraine and before the EU embargoed seaborne supplies from Russia, Orlen stopped buying Russian oil and fuels via the sea. Its capacity tops volumes that can be processed by Polish refineries and is in part used to supply oil to refineries in eastern Germany that are linked to Druzhba.

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