India looks to increase imports of heavily discounted Russian oil

NEW DELHI: India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily discounted supplies from Rosneft PJSC as international players turn down dealings with Moscow over its invasion of Ukraine.

State processors are collectively working on finalising and securing new six-month supply contracts for Russian crude to India, said people with knowledge of the companies’ procurement plans. Cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters, they said.

These supply agreements, if concluded, will be separate and on top of shipments that India already buys from Russia via other deals. Details on volumes and pricing are still being negotiated with banks set to fully finance all cargoes, said the people who asked not to be identified as discussions are confidential. Refiners will increasingly procuring directly from Russian companies such as Rosneft as top international traders such as Glencore Plc wind up their dealings, they added.