State-owned refiner Indian Oil Corp. (IOC) is seeking oil cargoes for early next year, including Russian blends ESPO and Sokol, as outlined in a tender document reviewed by Bloomberg. The company is inviting offers for low-sulfur grades from various regions such as West Africa and the United States, while also maintaining its typical request for blends from Russia’s Far East. Shipments are expected to reach Paradip and Vadinar between late January and early February, with offers due on Thursday.
IOC’s tender specifies that sellers must ensure the cargo does not originate from producers or terminals that are sanctioned by the United States, United Kingdom, European Union, United Nations, or India. A spokesperson for IOC did not respond to requests for comment.
The oil procurement strategies of Indian refiners have attracted attention since U.S. President Donald Trump began urging India to significantly cut back or halt its purchases of Russian oil earlier this year. Traders are closely monitoring how Indian buyers, who were once the largest importers of seaborne Russian oil, navigate the recent sanctions affecting major Russian producers Rosneft PJSC and Lukoil PJSC.
Recently, Bloomberg reported that five out of seven Indian refiners, including Reliance Industries, have opted not to place orders for Russian oil for the upcoming month. However, IOC and Rosneft-linked Nayara Energy Ltd. did secure some Russian shipments for that period.
