OIL IMPORTER

Indian imports of Russian crude surged in June, outpacing other major suppliers. Refiners find the discounts on Urals grade appealing, with private sector involvement rising.

India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports incr...

The Indian government has increased the windfall tax on petroleum crude to Rs 6,000 per metric ton from Rs 3,250, effective July 2, as stated in a notification issued on Monday. This tax is reviewed every two weeks. In July 2022, India began taxing ...

India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ impo...

Bharat Petroleum Corp (BPCL) anticipates no major changes in its annual crude processing for the current fiscal year despite a planned maintenance shutdown. BPCL will temporarily close a 120,000 bpd crude unit at its 310,000 bpd Kochi refinery for a...

India has decided to permit restricted imports of corn, milk powder, crude sunflower oil, and refined rapeseed oil with concessional duty. As the largest global importer of vegetable oils, India will allow imports totaling 150,000 metric tons each o...

In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship...

India's oil and gas sector is forecasted to have mixed fiscal performance in FY24, with downstream profits expected to decline while upstream growth remains robust, driven by a 3-4% increase in petroleum product demand for FY25. Diesel and petrol wi...

India's oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades fro...

LNG imports in India fell 7.2% year-on-year in May as domestic demand stagnated and local production expanded. The country consumed 5,708 MMSCM of natural gas, with LNG prices averaging $11.9 per mmbtu in May.

Indian Oil Minister Hardeep Singh Puri announced Bharat Petroleum Corp's plan to build a new refinery. The nation aims to sign more oil import deals with countries, including Russia, at discounted rates. Prime Minister Narendra Modi seeks to provide...

"Soyabean prices have been low as the crushing of our own crop was less due to higher imports of cooking oils. Low import duties and low prices in the international markets led to a substantial increase in the import of cooking oils," said BV Mehta,...

Oil and Natural Gas Corp (ONGC) and EverEnviro Resource Management Pvt Ltd are joining forces to construct 10 compressed biogas (CBG) plants, leveraging various feedstocks to reduce CO2 emissions by 7.5 lakh tons annually. ONGC, transitioning into t...

Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures...

Capacity utilisation at most import terminals increased during the year, with utilisation rising to 95% from 78% in FY23 at India's largest import terminal at Dahej, showed oil ministry data. Petronet LNG operates the Dahej terminal in Gujarat. Its ...

Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Ship...

"Road construction activity is in full swing. The Ministry of Road Transport and Highways (MoRTH) constructed 12,349 km of national highways in 2023-24, the second highest so far, compared to 10,331 km in 2022-23," the oil ministry said in its indus...

Indian oil refiner Reliance Industries has resubmitted a request to the US for authorization to import crude oil from Venezuela, allowing it to resume oil trade between the OPEC producer and Venezuela. French oil producer Maurel & Prom has also been...

In April, Russia's share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China a...