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  • 02 May 2022
  • ICICI Securities

OMCs explore Russian import deal

News: As per media reports, IOC, BPCL and HPCL are planning to seek six-month import deal for Russian oil and buy up to 16 million barrels of oil.

Views: This gives Indian companies to reduce their crude oil costs as Russian crude varieties are trading at discounted rates. The companies are looking for supplies from June and volume & time period of deal may change depending on the discounts offered and the impact of sanctions.

Impact: Positive