China and India are benefiting Russian crude oil in discounted price, know who is buying Russian crude oil

China and India are benefiting Russian crude oil in discounted price, know who is buying Russian crude oil
Written by Arindam

Moscow: After Russia’s attack on Ukraine, all the western countries including America are furious. That is why there has been a barrage of sanctions against Russia. Its biggest impact is being seen on Russian crude oil and gas exports. Many western countries including Australia, Britain, Canada have already banned the import of Russian crude oil, while Russia itself has stopped supply to many countries due to non-fulfillment of conditions. Due to this, there was a tremendous jump in the price of oil and gas all over the world. To cut this, Russia started selling its oil and gas at cheap prices. Many countries including India have taken advantage of this.

Current buyers of Russian oil

India’s state-run oil companies Bharat Petroleum Corporation Limited, Hindustan Petroleum, Indian Oil Corporation and Mangalore Refinery have purchased Russian crude. Bharat Petroleum has bought 2 million barrels of Russian oil from trader Trafigura. Bharat Petroleum is regularly procuring crude oil for Kochi Refinery at the rate of 310,000 barrels per day. At the same time, Bharat Petroleum has also purchased 2 million barrels of Russian crude in May. Indian Oil has purchased more than 6 million barrels of oil from Russia since February 24. Apart from these, Indian private refinery Naira Energy is also procuring oil.

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Italy’s biggest refinery ISAB is procuring oil from Russia despite pressure from the government. This company is owned by Lukoil. After which the Italian government is considering a plan to temporarily nationalize this refinery.

The Lena refinery, owned by France’s TotalEnergies, continues to purchase Russian crude oil and gas through the Druzhba pipeline.

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Germany’s biggest refinery Miro is also buying crude oil from Russia. Rosneft of Russia owns 24 percent of this refinery. Germany’s PCK Schwedt refinery continues to buy Russian crude.

Hungarian oil company MOL is also continuing to purchase crude oil from Russia. The company has said that it will take 2 to 4 years to build alternative arrangements for its two refineries in Slovakia and Hungary.

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Neftochim Burgas, a Bulgarian refinery owned by Russia’s Lukoil, continues to purchase Russian crude. According to government officials, the company is getting 50 percent of its total oil from Russia.

China has long been a buyer of Russian crude oil and gas. Currently, China remains a buyer of crude oil despite sanctions against Russia. China’s state-owned company Sinopec has a long-standing contract with Russia.

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Indonesian state-owned company Pertamina is looking to buy crude oil from Russia. Demand for oil in Indonesia continues to grow and refineries are finding it difficult to keep up with crude oil supplies due to high prices.

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