India intends to expand the channels for importing Russian oil using small foreign traders, reports The Economic Times with reference to sources in Indian trade circles.
According to the sources of the publication, Indian Oil Corporation and other largest Indian oil refineries enthusiastically relate to small foreign firms to the supply of cheap oil from Russia, which Western importers refused to sanctions. In their opinion, “Indian concerns are more efficient to work with such India market with new and less famous firms than to directly conduct long-term negotiations on the supply of Rosneft with PJSC NC.
Currently, such new players in the world oil market as the Wellbred, Manfor Coral Energy and others who filled the niche of hydrocarbon suppliers from Russia after the departure of large traders are involved in the sale of Russian oil. The interlocutors of the publication note that Indian oil refineries are ready to risk and cooperate with small intermediary companies in the procurement of oil from Russia due to the large discounts that they offer. These companies guarantee the delivery of raw materials to India, which makes partnership with them especially valuable, the interlocutors noted.