Latest news with #PavelSorokin
Russia Today
24-03-2025
- Business
- Russia Today
India's crude imports from Russia surge
Indian imports of Russian crude oil have rebounded significantly in March, with lower prices making it more economical for refiners, the Financial Express reported on Monday. The cheaper prices have also led to an increase in the availability of non-sanctioned tankers, making it easier for Indian companies to transport oil. As a result, India's Russian oil imports have rebounded in March after a decline in previous months, the report added. According to data from Kpler, India's Russian oil imports increased significantly in the first 21 days of the month, averaging 1.85 million barrels per day (bpd). This represents a substantial rise from the 1.47 million bpd imported in February and the 1.64 million bpd imported in January, according to Kpler data. Russian oil accounts for over 35% of India's total oil imports in March, up from approximately 31% in February, the report added. The surge has helped Moscow solidify its position as a major oil supplier to Asian country. Following the introduction of further Western sanctions against Moscow in February, India vowed to continue to buy Russian oil as long as it was sold below a $60 per barrel price cap, transported on non-sanctioned tankers, and the transaction did not involve sanctioned companies or individuals, according to the Financial Express. READ MORE: Non-binary choices: Why India won't pick sides between Russia and the US 'This surge in volumes in March comes as Russia's domestic crude demand plummeted in February and March due to Ukrainian drone attacks on several refineries…The rising availability of Russian crude exports has driven down Urals (Russia's flagship oil grade) prices, with average prices assessed at $59.9 per barrel in February and $56 per barrel so far in March. This suggests that Urals crude remains below the G7 price cap, enabling buyers and sellers to utilize Western shipping and insurance services for transportation,' Kpler analyst Sumit Ritolia was cited as saying by the Financial Express. According to Bloomberg, Indian crude oil imports from Russia fell last month to their lowest level since January 2023, with the decline occurring just weeks after the US imposed sanctions on several Russian energy companies and multiple oil tankers. The sanctions imposed by the US and UK targeted Russian oil producers, including Gazprom Neft and Surgutneftegas, as well as 183 tankers involved in transporting Russian crude oil. The measures have had an impact on both India, the world's third-largest oil importer, which heavily relies on seaborne crude shipments, and China, the world's largest importer. READ MORE: Terminal velocity: Why the EU's gas holes are testing India's energy policy Speaking in New Delhi in February, Russian First Deputy Energy Minister Pavel Sorokin stressed that Moscow would continue to supply oil to global markets, including India. 'We are pragmatic. We value our relationships, and we will continue to supply the market. Our resources are competitive from an economic standpoint,' Sorokin stated.
Russia Today
25-02-2025
- Business
- Russia Today
New Delhi chalks out oil tanker production plan
New Delhi is eyeing domestic manufacture of oil tankers in an effort to reduce the risk of running foul of Western sanctions against Russia's energy sector, BusinessLine reported on Tuesday. The outlet cited an official from India's Ministry of Ports, Shipping and Waterways who stated that the government will back manufacturers through SPVs (special purpose vehicles), that will be formed by the state-owned Shipping Corporation of India (SCI), oil marketing companies, dockyards, and financial institutions. An Indian oil ministry survey from one year ago identified the need for an extra 100 tankers varying from a few thousand metric tonnes of deadweight to ultra-large crude carriers, according to industry watchers. Domestic manufacturing will also help India reduce its oil import bill, which currently stands at $100 billion. India has emerged as Russia's second-largest oil buyer in the past two years. In 2024, India imported crude oil worth 49 billion euros from Russia, according to a recent report by the Energy and Clean Air Research Center. China has imported Russian oil worth 78 billion euros, and Turkey – 34 billion euros, the report stated. Western governments announced large-scale sanctions in January targeting Russian oil and gas exporters and a so-called 'shadow fleet' of oil tankers transporting crude – a move that affected India, which depends on sea transport for energy imports. New Delhi officials have stated that no disruption to Russian oil imports is expected at least until March, when the new restrictions will take effect. Head of the state-owned Indian Oil Corporation (IOC) Arvindar Singh Sahney told PTI agency earlier this month that the company is buying 'clean Russian crude oil' that does not risk running afoul of US sanctions. Moscow, meanwhile, vowed to continue supplying oil to global markets despite sanctions pressure. Speaking at India Energy Week in New Delhi earlier this month, First Deputy Energy Minister Pavel Sorokin insisted that while the impact of 'illegal' sanctions imposed by the outgoing Joe Biden administration remains to be assessed, Moscow will continue strengthening its energy ties with its major energy partners.
Russia Today
14-02-2025
- Business
- Russia Today
Moscow sees India as major market for LNG
Russia is increasing liquefied natural gas production and exports despite sanctions and could expand shipments to India, First Deputy Energy Minister Pavel Sorokin told RT at India Energy Week in New Delhi. He stated that Moscow's biggest crude oil buyer could become a major market for LNG. India's primary LNG suppliers are currently Qatar and the US, which together meet about 50% of its demand. However, the country's natural gas consumption is expected to rise by 60% between 2023 and 2030, doubling its LNG import needs, according to the International Energy Agency (IEA). 'India is one of the furthest points for our LNG. Previously, we didn't have spare LNG to contract with Indian partners, but this is changing. We are expanding in the LNG market, launching new projects, and hope India will become a major trading partner in this space,' Sorokin said. He emphasized that Russia offers 'competitive pricing' and will continue trading with its partners despite mounting sanctions from Washington and its allies. 'We are ready to compete in a free market, as long as it's not accompanied by illegal measures such as sanctions,' he noted. India currently has seven LNG import terminals with a total capacity of about 47.7 million metric tons per year. The IEA suggests that surging demand will necessitate additional import capacity in the latter half of the decade. Russia, one of the world's largest gas exporters, shipped a record 33.6 million metric tons of LNG last year, over half of which went to the EU, according to analytics firm Kpler. In December, Deputy Prime Minister Alexander Novak told Rossiya-24 that Russia has 'big projects ahead.' 'New volumes are being built, and LNG supplies go to both European and Asian countries,' he said. READ MORE: Modi meets Trump amid tariff tensions While the EU bans Russian coal, seaborne crude oil, and refined oil products, it has not imposed direct sanctions on gas and LNG due to its reliance on the fuel. However, the US has sanctioned Russia's major LNG producer, Novatek, and its Arctic LNG 2 project, which was expected to produce nearly 19.8 million metric tons of LNG annually, mainly for Asian markets. In January, the US sanctioned two Indian entities for allegedly supporting Russia's Arctic LNG 2 project. Washington, at the same time, has been pushing India to increase imports of both LNG and oil to reduce the trade imbalance between the two countries. The same pitch was made by US President Donald Trump on Thursday when he met Indian Prime Minister Narendra Modi in the White House. Speaking to the media after the meeting, India's Foreign Secretary Vikram Misri said: 'I think we purchased about $15 billion in US energy output. There is a good chance that this figure will go up as much as $25 billion.'
Yahoo
12-02-2025
- Business
- Yahoo
Russia's Sakhalin has nowhere to store unsold Russian oil
The global sanctions against Russian oil are harming a variety of Russian projects, but those in the Far East are particularly hard hit. Raw minerals, in particular, are not exported from Sakhalin's coastal fields. They must be stored in tankers, which are now in short supply in the Far East. Source: enkorr news outlet with reference to Bloomberg Details: The vessels that have been drifting off the coast of Sakhalin for at least a week are currently storing about 6.3 million barrels of oil. This corresponds to about two days of total seaborne exports from all Russian ports in normal times (more than 3 million barrels per day). Meanwhile, according to Bloomberg, in the week leading up to 9 February, these total exports fell by 25% to 2.3 million barrels. Less volatile data over the past four weeks showed a 6% decline to 2.83 million barrels, the lowest since early 2023. Of the eight shipments of Sokol oil that were loaded onto blacklisted shuttle tankers after the introduction of large-scale US sanctions on 10 January, only one was unloaded. Two tankers have transferred the oil to a supertanker at the port of Nakhodka. The rest are adrift. If the oil is not unloaded from these "shuttles" transporting it from the Sakhalin-1 project, it will soon run out of available vessels to ship the extracted oil. A similar picture is observed at Sakhalin-2. In addition to the three tankers that serve the project and are currently idle after being hit by sanctions, the Galactica tanker is used to transport raw materials. However, it does not show any desire to deliver the cargo to its destination port in China as soon as possible – the tanker's transponder shows a speed of one knot off the Japanese island of Hokkaido. In the week leading up to 9 February, 21 tankers loaded 16.1 million barrels of oil in Russian ports; a week earlier, 29 vessels took on 21.34 million barrels. Suppliers have been forced to cut prices as sanctions have driven up shipping costs, and buyers are either not willing to pay extra money or are considering whether they should deal with Russian crude at all due to the increased risks. As a result, the value of oil shipped last week fell by US$380 million (28%) compared to the week to 2 February and totalled US$990 million. Background: Russian First Deputy Energy Minister Pavel Sorokin said that US sanctions against Russia should not affect oil trade with India. Support UP or become our patron!
Reuters
11-02-2025
- Business
- Reuters
Russian energy official says US sanctions should not hinder oil trade with India
NEW DELHI, Feb 11 (Reuters) - U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, adding that it was too early to assess the impact of the latest restrictions. India became the top buyer of Russian sea-borne oil sold at a discount after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine in 2022. Last month, Washington imposed fresh sanctions targeting Russia's oil supply chain, causing tanker freight rates to soar as some buyers and ports in China and India steered clear of sanctioned ships. "Our relationship with India is based on economic pragmatism," Sorokin told the India Energy Week conference. "We believe energy trade shouldn't be hindered by any politics," he said. Sorokin said it was too early to measure the impact of the latest U.S. sanctions. "You cannot judge about the situation on the basis of a few weeks of data. More time is needed to assess these things, but we believe that constructive relationships will continue to be successful," he said. Russian supply to India fell in December and January from levels in the preceding six months. Indian Oil Corp ( opens new tab, the country's top refiner, flagged last month that it is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow. IOC is buying Russian crude without the involvement of sanctioned entities, Chairman A S Sahney told reporters on the sidelines of the conference on Tuesday. Sorokin said the sanctions are illegal and have taken a huge toll on the global economy. "Tens of billions of dollars have been taken away from developing economies, and they have also increased the cost of capital for everyone in this industry," he said. "Sanctions have added an element of uncertainty in a sector like energy where projects have very long lead times." He added that Russia has the technology necessary to develop its resources and will continue to be a major global player.
