Hindustan Petroleum Corp Limited has made a rare purchase of two million barrels of Russian Urals Crude, Reuters reported citing sources. The cargo which is sold by European trader Vitol will be loaded in May.
The development comes days after Indian Oil Corporation bought three million barrels of Russian crude oil. Meanwhile, the government of India is planning to buy Russian oil at a discounted rate.
Earlier Outlook Business had reported, that Russia will also take care of shipping and insurance for delivering the crude to India. The Indian government is also working on Rupee payments options for Russian exports, as Russia is banned from the international SWIFT banking system.
India depends on imports for about 80 per cent of its oil needs, with 3 per cent of that coming from Russia. India’s oil and petroleum imports from Russia amount to nearly $1 billion.