No bids for ONGC’s bid to sell Russian oil, amid Ukraine conflict: Report

No bids for ONGC's bid to sell Russian oil, amid Ukraine conflict: Report

No bids for ONGC’s bid to sell Russian oil, amid Ukraine conflict: Report


India’s ONGC Videsh has failed in its bid to sell 700,000 barrels of Russian Sokol crude in a growing backlash against Moscow for its invasion of Ukraine, sources familiar with the matter said.

This is ONGC Videsh’s first tender since the war in Ukraine began on 24 February.

ONGC Videsh, the offshore investment arm of India’s leading Oil and Natural Gas producer, has a 20% stake in Russia’s Sakhalin-1 project and sells its oil shares through Bidding.

The tender to sell May load goods ended on Thursday.

Sources said that at first, 11 parties, including major oil companies, expressed their desire to buy Sokol oil but later “said regrets”.

ONGC Videsh did not respond to a Reuters email seeking comment.

Two sources said that ONGC Videsh has the option of sending goods to India for processing at refineries run by subsidiaries Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd. owned.

The United States banned imports of oil and gas from Moscow on Tuesday, while several Western oil companies, including Shell, said they would stop buying Russian oil.

No Indian company has publicly withdrawn from Russia, and New Delhi has refused to condemn Moscow’s invasion of Ukraine despite pressure from the United States.

The Kremlin describes its actions in Ukraine as a “special operation” aimed at disarming the neighboring country.

Russian companies have had problems securing financing for contracts for the sale of crude oil and oil products in April. However, the situation can still be resolved, Deputy Prime Minister Alexander Novak was told. Interfax news agency quoted on Thursday.

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