LSEG data indicates India and Turkey as top Urals buyers in June
OIL & GAS

LSEG data indicates India and Turkey as top Urals buyers in June

In June, according to LSEG data and information from traders, India and Turkey emerged as the primary buyers of Urals oil cargoes loaded from Russian sea ports, while China's acquisition of this grade was hampered by poor refining margins and high freight expenses.

India, identified as the leading purchaser of seaborne Russian oil cargoes since 2022, reportedly acquired more than 65% of Urals oil loaded last month, as per Reuters estimates derived from LSEG data. Additionally, India continues to import other Russian oil grades alongside Urals. LSEG data indicated that Sikka, Vadinar, Mundra, and Cochin were the key Indian ports for receiving Urals oil cargoes, facilitating imports for major Indian oil refiners such as Reliance Industries, Nayara Energy, Indian Oil, and BPCL.

Turkey, which had significantly increased its purchases of Urals oil in May to an unprecedented level, scaled back slightly in June, representing approximately 20% of Urals oil exports last month, according to Reuters calculations based on LSEG data. The primary destinations for Urals oil cargoes in Turkey were Aliaga and Izmir, home to Tupras refineries and SOCAR's STAR refineries.

As for China, LSEG data indicated that deliveries of June-loading Urals oil to China were minimal, with only a few cargoes being sent there.

In June, according to LSEG data and information from traders, India and Turkey emerged as the primary buyers of Urals oil cargoes loaded from Russian sea ports, while China's acquisition of this grade was hampered by poor refining margins and high freight expenses. India, identified as the leading purchaser of seaborne Russian oil cargoes since 2022, reportedly acquired more than 65% of Urals oil loaded last month, as per Reuters estimates derived from LSEG data. Additionally, India continues to import other Russian oil grades alongside Urals. LSEG data indicated that Sikka, Vadinar, Mundra, and Cochin were the key Indian ports for receiving Urals oil cargoes, facilitating imports for major Indian oil refiners such as Reliance Industries, Nayara Energy, Indian Oil, and BPCL. Turkey, which had significantly increased its purchases of Urals oil in May to an unprecedented level, scaled back slightly in June, representing approximately 20% of Urals oil exports last month, according to Reuters calculations based on LSEG data. The primary destinations for Urals oil cargoes in Turkey were Aliaga and Izmir, home to Tupras refineries and SOCAR's STAR refineries. As for China, LSEG data indicated that deliveries of June-loading Urals oil to China were minimal, with only a few cargoes being sent there.

Next Story
Resources

Neilsoft’s ConstructMonitor will remotely monitor construction quality

Neilsoft, a focused engineering services and software solutions (ER&D) provider servicing global customers in the AEC or construction, manufacturing and industrial plants segments, announced the launch of ConstructMonitor, its SaaS solution for managing construction quality and progress. The solution, developed in collaboration between Neilsoft and Tokyo-based Fujita Corporation, is aimed at addressing construction project quality issues in larger construction projects like commercial offices, high-rise buildings, data centres, hospitals, industrial plants, factories, malls, IT parks and other..

Next Story
Infrastructure Energy

India Pushes $3.3B Coal Equipment Orders

In a move to ensure energy security and enhance power generation capacity, India has instructed utilities to order $3.3 billion worth of equipment this year to boost coal power output. This directive aims to increase coal-fired electricity production and meet the growing demand for energy in the country. The Indian government has taken this step to ensure an uninterrupted power supply, especially during peak demand periods. The order involves the procurement of critical equipment for coal-based thermal plants, including turbines, boilers, generators, and other auxiliary machinery. This initiat..

Next Story
Infrastructure Energy

Odisha Boosts Renewable Energy Financing

The Indian Renewable Energy Development Agency (IREDA) and the Odisha government have entered into a strategic partnership to boost renewable energy financing within the state. This significant step is marked by the signing of a Memorandum of Understanding (MoU) between the two entities, reflecting a mutual commitment to fostering the growth of renewable energy projects in Odisha. The primary objective of this collaboration is to enhance the financial support available for renewable energy initiatives, thereby accelerating the development of sustainable energy sources such as solar, wind, and ..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram