Hansen, Mueller Industries director, sells $105,710 in stock
Investing.com-- Russian crude flows to major Indian refiners are expected to fall to nearly zero following U.S. sanctions on oil giants Rosneft PJSC (MCX:ROSN) and Lukoil PJSC (MCX:LKOH), Bloomberg reported on Thursday, citing senior refinery executives.
India’s state-run refiners -- Indian Oil Corporation (NSE:IOC), Bharat Petroleum (NSE:BPCL), and Hindustan Petroleum (NSE:HPCL) -- typically purchase Russian crude on the spot market, while Reliance Industries (NSE:RELI) has a long-term supply deal with Rosneft, the report said.
India, the world’s largest buyer of Russian oil, may be forced to seek alternative suppliers, the Bloomberg report said.
A Reuters report, citing a source, stated that Indian state refiners are reviewing Russian oil trade documents to avoid sourcing directly from Rosneft and Lukoil following U.S. sanctions.
The report added that Indian refiners seldom buy Russian oil directly from Rosneft or Lukoil, usually going through intermediaries.
