INSUBCONTINENT EXCLUSIVE:
No Bids For ONGC's Tender To Sell Russian Oil, Amidst Ukraine Conflict: ReportNEW DELHI: India's ONGC Videsh failed to get bids in its
tender to sell 700,000 barrels of Russian Sokol crude in a growing backlash against Moscow for its invasion of Ukraine, sources familiar
with the matter said.This was the first tender by ONGC Videsh since the war in Ukraine began on February 24.ONGC Videsh, the overseas
investment arm of India's top explorer Oil and Natural Gas Crop, has a 20 per cent stake in Russia's Sakhalin-1 project and sells its
share of oil through tenders.The tender for the sale of May loading cargo closed on Thursday.Initially, 11 parties, including oil majors,
had shown interest in buying Sokol oil but later "sent a regret", the sources said.ONGC Videsh did not respond to a Reuters email seeking
comment.Two sources said ONGC Videsh has an option to bring the cargo to India for processing at refineries owned by its subsidiary
Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd.The United States banned imports of Moscow's oil and gas on
Tuesday, while some Western oil companies, including Shell, have said they will stop buying Russian oil.No Indian company has publicly
withdrawn from Russia, and New Delhi has declined to condemn Moscow's invasion of Ukraine despite pressure from the United States to do
so.The Kremlin describes its actions in Ukraine as a "special operation" to disarm its neighbour.Russian firms have encountered problems
securing financing for April contracts to sell crude and oil products
Still, the situation can be resolved, Deputy Prime Minister Alexander Novak was quoted as saying by Interfax news agency on Thursday.
