ONGC Videsh sells Sokol oil to Indian refiners

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ONGC Videsh Ltd(OVL) has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation limited (BPCL). OVL which sells its Russian oil  through tender mode failed to get any response to its tender to sell the oil . 

• After 2016 ,the India companies HPCL and BPCL have purchased the Sokol crude oil .

• Indian companies are heavily buying Russian oil as it is available at a deep discount after some companies and countries stopped purchasing oils  from Moscow, due to sanctions against Russia for its Ukraine invasion.

• Sokol Oil is a favourite of Asian Buyers like China, South Korea and Singapore but they are not buying the oil. 

• India, the world's third-biggest oil consumer and importer, has not banned Russian oil imports.

• The two refiners will pay OVL in rupees.

• ONGC Videsh LTD(OVL) is the overseas investment arm of Oil and Natural Gas Corp. It has a stake in Russia's Sakhalin-1 project  in Siberia and sells its share of the oil from the project through tenders.

Important for Exam 

Largest consumer of crude oil in the world 2020 (in descending order ) 2020

1. United States 

2. China 

3. India 

4. Japan 

Largest Importer of Crude oil in the world 2020 (in descending order) 

1. China 

2. United States 

3. India 

4. South Korea  

India imports around 83 % of its oil requirement .

Largest Producer of Crude Oil in January 2022 (Descending order )

1. United States of America 

2. Saudi Arabia

3. Russia  

Source International Energy Agency