ONGC Tries To Sell Russian oil - Unsuccessfully; Buyers "Sent A Regret"

Friday, 11 March 2022newsdesk

India's ONGC Videsh failed to get bids in its tender 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.

New Delhi, 11 March 2022

As per news report of NDTV, this was the first tender by ONGC Videsh since the war in Ukraine began on February 24. ONGC Videsh, the overseas investment arm of India's top explorer Oil and Natural Gas Crop, has a 20 per cent stake in Russia's Sakhalin-1 project and sells its share of oil through tenders. The tender for the sale of May loading cargo closed on Thursday. Initially, 11 parties, including oil majors, had shown interest in buying Sokol oil but later "sent a regret", the sources said. ONGC Videsh did not respond to a Reuters email seeking comment.

Source - NDTV