An Indian oil company that has become the largest shipper of Russian crude is likely linked to Rosneft, the Financial Times reports.
The company expanded its fleet of ships from two to 58 ships last year.
This comes amid India’s growing appetite for heavily discounted Russian crude.
A report of Financial Times (FT) According to a mysterious Indian oil shipping company that is likely linked to Russian energy giant Rosneft. It is said to have built up a huge fleet of tankers over the past 18 months and become one of the largest transporters of Russian crude oil.
“For Ship Management”
The Indian company, called Gatik Ship Management, is a small Indian shipping company that has become one of Russia’s largest oil transporters in the past year. The FT reports. According to the commodities data service Kpler, the company has shipped at least 83 million barrels of Russian oil and oil products. That’s roughly the amount of oil needed to meet UK demand for two months.
Meanwhile, the company has amassed more oil tankers than any other well-known shipping company, growing its fleet from two to 58 tankers in the last two years, according to Vessels Value data. Meanwhile, it is unclear who owns Gatik. Although industry experts suspect the company is likely linked to Rosneft, Russia’s largest state-owned oil company. More than half of Gatik’s oil exports come from Rosneft.
Connections to the owner of Gatik
Gatik’s offices, located in a shopping mall in Mumbai, are shared with the equally mysterious Buena Vista Shipping, according to the FT. This suggests that both companies could be linked to the owner of Gatik. Gatik happens to own a ship named Buena Vista registered to owner Social Club Inc. This name alludes to the Cuban band Buena Vista Social Club, which Rosneft boss Igor Sechin has publicly admired.
Gatik and Buena Vista’s shared offices appear to be deserted. Mail for Gatik is piling up outside the doors, according to the FT report.
India’s rising demand for Russian oil
Gatik’s presence in the global energy market has increased with India’s growing demand for crude oil, which is now largely supplied from Russia. According to official trade statistics, Russian oil accounts for 30 percent of India’s crude oil consumption, compared to just 1 percent before Russia invaded Ukraine.
Russia has sold much of its crude oil to allies like China and India at significant discounts as it struggles to sell oil to Western customers due to the sanctions. Russian oil is currently banned in the EU. In addition, Russia cannot sell its oil through western shipping and insurance companies. Unless it trades below the $60 price cap.
In response, Russia has built up its fleet of shadow ships. This is supposed to transport Russian crude oil to the west via uninsured ships and under the radar.
This article has been translated from English. You can find the original here.