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Bloomberg
PetroChina Co isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the country through its existing contracts, company executives said.
Deals with Russian counter-parties are operating normally, Chief Financial Officer Chai Shouping said on the company’s first-quarter earnings call. Transactions have continued to be settled in US dollars or euros despite international sanctions against several Russian banks following the invasion of Ukraine, Chai said.
Since the invasion, several countries have spurned Russian oil imports, forcing the country to offer it at heavy discounts to find new buyers. India, for example, is seeking Russian cargoes at less than $70 a barrel on a delivered basis to compensate for additional hurdles.