Litasco remains one of the main Urals oil buyers in November - traders

The trading arm of Russia's Lukoil, Litasco, has remained a key buyer of Urals oil cargoes in November, data from traders and Refinitiv's Eikon system showed.

It was not clear if its share would stay high in December as trade for Urals cargoes loading next month has been subdued amid market uncertainty over how an EU embargo and price cap will work.

Litasco accounted for about 1.3 million tonnes of Urals and Siberian Light oil shipped in November, according to the data, which is about 15% of the grade's total port exports this month, Reuters calculations showed.

Litasco, the buyer of all Lukoil's cargoes, supplies more than half of the oil to ISAB's refineries in Sicily, for which Italian authorities are discussing a waiver from the EU's embargo on Russian oil. It also ships to Rotterdam.

Litasco also buys Urals cargoes sourced by other Russian oil producers like Surgutneftegaz and Tatneft, traders noted. The trading company delivers such cargoes to buyers in Asia, mainly in India.

BUYERS FROM INDIA

India has become a major buyer of Urals crude since summer, purchasing about 40% of the volume exported by sea.

Rosneft, Russia's largest oil exporter, is the leading seller to India, with its barrels delivered to all main refiners, according to traders.

Large volumes are shipped to Indian Oil Corporaton (IOC), which had already been purchasing oil from the Russian oil giant before this year. Refiners Bharat Petroleum and Reliance - new buyers of Rosneft's oil - are also large offtakers.

Rosneft delivers at least half of the cargoes to Indian refineries directly, chartering its own tankers, with the rest sold via trading companies, traders say.

Rosneft uses the fleet and services of its subsidiary shipping company Rosnefteflot for its seaborne oil supplies.