Indian refiners avoid Rosneft crude tenders on ‘one-sided’ terms: Report

India’s state refiners did not submit bids in tenders issued by Russia’s top oil producer Rosneft as the terms were “one-sided”, two sources familiar with the matter said on Thursday.

Rosneft on Wednesday issued tenders to sell a total of 6.5 million tonnes of Urals, Siberian Light, Sokol and ESPO Blend crude for loading in May-June and had asked for rubles and full prepayments, sources told Reuters.

The terms echoed demands from Russian President Vladimir Putin for roubles-only trade in natural gas.

One of the sources said the terms of the tenders, which closed on Thursday, were “very biased” towards the seller.

The sources spoke on condition of anonymity due to the sensitivity of the matter.

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