Latest news with #Varandey
Time of India
04-08-2025
- Business
- Time of India
Tankers deliver Russian crude to India despite US, EU pressure
At least four tankers discharged millions of barrels of Russian crude at Indian refineries at the weekend, a sign the closely scrutinized deliveries are continuing as normal, even as the US ramps up pressure on the South Asian country to stop purchases. Oil traders and shipping companies have been waiting for direction from New Delhi on whether supplies from Moscow will be allowed to continue after US President Donald Trump last week threatened punitive action to curb trade with Russia. Over the weekend, a senior aide accused India of effectively funding President Vladimir Putin's war in Ukraine. Washington's tough demands, coming after a surprise 25 per cent tariff on Indian exports to the US, threw private and state-owned refineries' purchase plans into disarray. Still, India hasn't asked refiners to stop Russian crude imports, according to people familiar with the matter. Three Aframaxes — the Achilles, Elyte and Horae — unloaded nearly 2.2 million barrels of Urals crude, a key Russian grade, to private processors Nayara Energy Ltd and Reliance Industries Ltd over the weekend after a slight delay, ship-tracking data show. The Mikati, also an Aframax, delivered more than 720,000 barrels of Russia's Varandey crude on a two-stop journey that included deliveries to refineries in Kochi and Mangalore. State-run Bharat Petroleum Corp Ltd owns the Kochi refinery, while Mangalore Refinery and Petrochemicals Ltd . is majority owned by state-run Oil and Natural Gas Corp Ltd. More tankers are poised to discharge another 2.2 million barrels of Urals in the coming hours, with Minion and Destan now at Sikka, a terminal operated by Reliance . Aldebaran is due to unload across the gulf at Mundra. While Bloomberg News couldn't immediately determine the buyer, the Mundra port serves both government-run Indian Oil Corp Ltd . and HPCL-Mittal Energy Ltd, partially owned by state-run Hindustan Petroleum Corp Ltd. Reliance, the largest buyer of Russian Urals, has a long-term deal with Russian producer Rosneft PJSC that would ensure it can get those barrels over several years. India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies. Scrutiny has increased in recent weeks, even before Trump's latest comments. Nayara was sanctioned by the European Union on July 18 for its links to Russia, prompting the processor to cut run rates and pushing trade partners to seek supplies elsewhere. Reliance, Nayara, BPCL, and MRPL didn't immediately reply to emails seeking comments. Vessel Load port (date) Discharge port (date) Crude grade (no. of barrels) Potential takers Achilles Primorsk (June 28) Sikka (Aug. 2) Urals (730,000) Reliance Elyte Ust Luga (June 28) Sikka (Aug. 2) Urals (717,000) Reliance Horae Ust Luga (July 1) Vadinar (Aug. 2) Urals (714,000) Nayara Mikati Murmansk (June 21) Kochi (July 31), New Mangalore (Aug. 3) Varandey (723,000) BPCL, MRPL Minion Ust Luga (June 24) Sikka (Aug. 4) Urals (715,000) Reliance Destan Primorsk (June 24) Sikka (Aug. 5–10) Urals (730,000) Reliance Aldebaran Primorsk (July 1) Mundra (Aug. 4) Urals (730,000) Indian Oil, HPCL
Yahoo
17-04-2025
- Business
- Yahoo
Exports of sanctioned Russian Arctic oil to China set to rise in April, sources say
By Siyi Liu SINGAPORE/MOSCOW (Reuters) - Russia's exports of Arctic oil to China are set to rise sharply in April after sellers offered wide discounts and shipment on non-sanctioned tankers to counter a U.S. embargo, analytics firm Vortexa and two Russian oil traders said. A tenth of Russia's seaborne oil exports make up the Arctic oil business disrupted by Washington's sweeping sanctions levied in January on nearly all tankers carrying supplies of grades such as ARCO, Novy port and Varandey, and producer Gazprom Neft. To evade the curbs, such cargoes go through international waters off Singapore and Malaysia to be transferred to Very Large Crude Carriers (VLCC) that have not been sanctioned, a process known as ship-to-ship (STS) transfers, before heading to China, said the traders and Vortexa senior analyst Emma Li. Li estimated at least 4 million barrels of Arctic oil completed STS last week and 16 million more have arrived, or will arrive, in the South China Sea this month. China's Arctic oil imports are set to rebound, given the ample supply, but the volume eventually discharged would vary, depending on logistics hurdles and buying interest from Chinese refiners, she added. Lukoil and Gazprom Neft did not immediately respond to Reuters' requests for comments. China imported 250,000 barrels per day of Arctic oil in March. One of the traders said such transfers are used because many Chinese buyers require oil to be shipped on non-sanctioned vessels so as to avoid the risk of secondary sanctions and are willing to pay higher prices for these cargoes. For example, non-sanctioned VLCC Atila loaded 2.07 million barrels of ARCO from two sanctioned tankers in March in Greater Singapore waters and discharged the cargo at the Dongying port at eastern Shandong province in April, Kpler data shows. Atila previously engaged in STS transfers for Iranian oil. Arctic grades are produced in Russia's northern regions, where harsh weather affects output and logistics, so that setting up an oil project requires gigantic investments. Light Varandey oil is produced by Lukoil, while Gazprom Neft is a producer of light Novy port and heavy ARCO. However, these shipments now take two months to reach China as the tankers are travelling via the Suez Canal, with the STS adding to shipping costs, while the shorter North Sea Route (NSR) to China is closed until July, traders said. "It's a very long and expensive route," one trader said. "The only idea is to evacuate barrels." Light Arctic oil is offered at discounts against Brent prices, down from premiums previously, the traders said. India, previously the top buyer of Arctic oil, has cut purchases due to sanctions, traders said. Arctic oil going to India is mostly Varandey supplied by Litasco, they added. This month, Indian authorities barred a tanker from transferring its Russian oil cargo to another vessel at sea. Other Arctic oil buyers include Syria, with the first shipments taking place earlier this year, and Myanmar. Sign in to access your portfolio
Reuters
17-04-2025
- Business
- Reuters
Exports of sanctioned Russian Arctic oil to China set to rise in April, sources say
Summary Sanctioned barrels figure in ship-to-ship transfers around Singapore, Malaysia Delivery route is longer and more costly India has cut purchase due to sanctions SINGAPORE/MOSCOW, April 17 (Reuters) - Russia's exports of Arctic oil to China are set to rise sharply in April after sellers offered wide discounts and shipment on non-sanctioned tankers to counter a U.S. embargo, analytics firm Vortexa and two Russian oil traders said. A tenth of Russia's seaborne oil exports make up the Arctic oil business disrupted by Washington's sweeping sanctions levied in January on nearly all tankers carrying supplies of grades such as ARCO, Novy port and Varandey, and producer Gazprom Neft. To evade the curbs, such cargoes go through international waters off Singapore and Malaysia to be transferred to Very Large Crude Carriers (VLCC) that have not been sanctioned, a process known as ship-to-ship (STS) transfers, before heading to China, said the traders and Vortexa senior analyst Emma Li. Li estimated at least 4 million barrels of Arctic oil completed STS last week and 16 million more have arrived, or will arrive, in the South China Sea this month. China's Arctic oil imports are set to rebound, given the ample supply, but the volume eventually discharged would vary, depending on logistics hurdles and buying interest from Chinese refiners, she added. Lukoil and Gazprom Neft did not immediately respond to Reuters' requests for comments. China imported 250,000 barrels per day of Arctic oil in March. One of the traders said such transfers are used because many Chinese buyers require oil to be shipped on non-sanctioned vessels so as to avoid the risk of secondary sanctions and are willing to pay higher prices for these cargoes. For example, non-sanctioned VLCC Atila loaded 2.07 million barrels of ARCO from two sanctioned tankers in March in Greater Singapore waters and discharged the cargo at the Dongying port at eastern Shandong province in April, Kpler data shows. Atila previously engaged in STS transfers for Iranian oil. Arctic grades are produced in Russia's northern regions, where harsh weather affects output and logistics, so that setting up an oil project requires gigantic investments. Light Varandey oil is produced by Lukoil, while Gazprom Neft is a producer of light Novy port and heavy ARCO. However, these shipments now take two months to reach China as the tankers are travelling via the Suez Canal, with the STS adding to shipping costs, while the shorter North Sea Route (NSR) to China is closed until July, traders said. "It's a very long and expensive route," one trader said. "The only idea is to evacuate barrels." Light Arctic oil is offered at discounts against Brent prices, down from premiums previously, the traders said. India, previously the top buyer of Arctic oil, has cut purchases due to sanctions, traders said. Arctic oil going to India is mostly Varandey supplied by Litasco, they added. This month, Indian authorities barred a tanker from transferring its Russian oil cargo to another vessel at sea. Other Arctic oil buyers include Syria, with the first shipments taking place earlier this year, and Myanmar.
Yahoo
17-04-2025
- Business
- Yahoo
Exports of sanctioned Russian Arctic oil to China set to rise in April, sources say
By Siyi Liu SINGAPORE/MOSCOW (Reuters) - Russia's exports of Arctic oil to China are set to rise sharply in April after sellers offered wide discounts and shipment on non-sanctioned tankers to counter a U.S. embargo, analytics firm Vortexa and two Russian oil traders said. A tenth of Russia's seaborne oil exports make up the Arctic oil business disrupted by Washington's sweeping sanctions levied in January on nearly all tankers carrying supplies of grades such as ARCO, Novy port and Varandey, and producer Gazprom Neft. To evade the curbs, such cargoes go through international waters off Singapore and Malaysia to be transferred to Very Large Crude Carriers (VLCC) that have not been sanctioned, a process known as ship-to-ship (STS) transfers, before heading to China, said the traders and Vortexa senior analyst Emma Li. Li estimated at least 4 million barrels of Arctic oil completed STS last week and 16 million more have arrived, or will arrive, in the South China Sea this month. China's Arctic oil imports are set to rebound, given the ample supply, but the volume eventually discharged would vary, depending on logistics hurdles and buying interest from Chinese refiners, she added. Lukoil and Gazprom Neft did not immediately respond to Reuters' requests for comments. China imported 250,000 barrels per day of Arctic oil in March. One of the traders said such transfers are used because many Chinese buyers require oil to be shipped on non-sanctioned vessels so as to avoid the risk of secondary sanctions and are willing to pay higher prices for these cargoes. For example, non-sanctioned VLCC Atila loaded 2.07 million barrels of ARCO from two sanctioned tankers in March in Greater Singapore waters and discharged the cargo at the Dongying port at eastern Shandong province in April, Kpler data shows. Atila previously engaged in STS transfers for Iranian oil. Arctic grades are produced in Russia's northern regions, where harsh weather affects output and logistics, so that setting up an oil project requires gigantic investments. Light Varandey oil is produced by Lukoil, while Gazprom Neft is a producer of light Novy port and heavy ARCO. However, these shipments now take two months to reach China as the tankers are travelling via the Suez Canal, with the STS adding to shipping costs, while the shorter North Sea Route (NSR) to China is closed until July, traders said. "It's a very long and expensive route," one trader said. "The only idea is to evacuate barrels." Light Arctic oil is offered at discounts against Brent prices, down from premiums previously, the traders said. India, previously the top buyer of Arctic oil, has cut purchases due to sanctions, traders said. Arctic oil going to India is mostly Varandey supplied by Litasco, they added. This month, Indian authorities barred a tanker from transferring its Russian oil cargo to another vessel at sea. Other Arctic oil buyers include Syria, with the first shipments taking place earlier this year, and Myanmar. Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
India denies entry to ship carrying Russian oil over documentation, sources say
By Nidhi Verma NEW DELHI (Reuters) -Indian port authorities denied entry to an ageing tanker loaded with Russian crude on Thursday due to inadequate documentation, sources familiar with the matter said, an unusual move that indicates tightened scrutiny of vessels carrying Russian oil. India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35% of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer. The Tanzania-flagged Andaman Skies, carrying about 100,000 metric tons (or some 800,000 barrels) of Varandey Russian oil sold by Lukoil from the northern port of Murmansk, shipping data showed, was on course for the Vadinar Port for delivery to state refiner Indian Oil Corp before being turned away, sources said. The sources declined to be named as they are not authorised to speak with media. Indian port entry rules require tankers that are more than 20 years old to have seaworthiness certification by a member of the International Association of Classification Societies or an entity authorised by India's maritime administration. Andaman Skies, which was built in 2004 and had previously visited India as recently as December, was carrying certification by Dakar Class, which is based in India but not recognised by Indian shipping authorities, the sources said. The vessel has protection and indemnity (P&I) insurance cover from Russian company Soglasie, according to two sources familiar with the vessel's documents. Lukoil and Soglasie didn't immediately respond to Reuters' requests for comment. Vadinar port authorities and Indian Oil did not respond to Reuters' emails seeking comments. Russian oil supplies to top buyers India and China fell sharply in the immediate aftermath of sweeping U.S. sanctions in January, aimed at curtailing Moscow's oil revenue, on targets including more than 100 ships, making it harder for sellers of Russian oil to find vessels. India's oil secretary last month said the country's refiners would buy Russian oil supplied by companies and ships not sanctioned by the U.S., effectively reducing the number of cargoes and vessels available. Indian refiners buy Russian oil on delivered basis with ship, insurance and other servics arranged by the seller. While the Andaman Skies is subject to UK and European Union sanctions, it is not designated by U.S. or United Nations sanctions. India follows United Nations sanctions. Contact information for the ship's owner Durbeen Navigation Ltd could not immediately be found. Sign in to access your portfolio
