- 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