Indian Oil Corp (IOC)is facing delays in receiving shipments of Russian Sokol crude oil due to payment issues. The annual deal with Russian oil major Rosneft, which includes Sokol, has been affected as Sakhalin-1 LLC, the unit of Rosneft supplying Sokol oil to IOC, struggles to open a bank account in the UAE for dirham payments. The payment challenges arise from the Indian government s advice to use UAE dirhams instead of Chinese yuan, with private refiners still using yuan.
IOC is the only state refiner that has an annual deal to buy a variety of Russian grades, including Sokol, from Russian oil major Rosneft. Sokol oil is supplied to IOC by Sakhalin-1 LLC, a unit of Rosneft, sources said.
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