OIL REFINERS
Share of Russian oil in imports up at 42% in June, Iraq supplies fall
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 June palm oil imports rise to 6-month high on lower prices
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 increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
India raises windfall tax on petroleum crude
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 crude oil production and the export of gasoline, diesel, and aviation fuel.
RIL shares can create up to $100 billion wealth, predicts Morgan Stanley
Morgan Stanley, a global brokerage firm, forecasted that Mukesh Ambani-led Reliance Industries' (RIL) fourth monetisation cycle could potentially increase market capitalisation by $60-100 billion. They set a target price of Rs 3,540 in the base case scenario.
How MSMEs are spearheading the digitisation of energy space
Whether it's a smart fuelling station in Mumbai or an AI-driven oil rig in Gujarat, MSMEs are spearheading a digital transformation that promises to redefine the country’s energy future and drive sustainability in the Indian economy.
India and China top buyers of Russian fuel oil in May, LSEG data shows
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 loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
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India's downstream oil and gas profits to fall; upstream to remain strong: Fitch Ratings
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 will dominate consumption, with anticipated stable marketing margins for oil marketing companies. Upstream companies will continue high capex for production growth, while crude oil import dependency is projected to increase despite rising domestic production.
India cuts windfall tax on petroleum crude
India reduced the windfall tax on petroleum crude to 3,250 Indian rupees per metric ton from 5,200 rupees on June 15. The tax for diesel and aviation turbine fuel remained at zero. The tax is revised every fortnight and the recent adjustment was made on June 1.
Govt headhunter finds no one suitable for HPCL top job
The Public Enterprises Selection Board (PESB) has rejected all candidates it interviewed for the top job at Hindustan Petroleum Corp Ltd (HPCL), marking the third time in three years that the board has rejected all applicants for CEO roles at state oil firms. The board advised the ministry of petroleum and natural gas to choose an appropriate course of selection, including the search-cum-selection committee (SCSC) or as deemed appropriate with the approval of the competent authority.
India to lead world in fuel demand growth: IEA
India, the third-largest oil importer globally, is set to drive oil demand growth according to the IEA. Forecasts predict a significant rise in consumption by 1.3 million barrels between 2023 and 2030, with India's demand exceeding China's. The nation's expanding economy and growing population are key factors in this surge. With a focus on road transport fuels and limited petrochemical growth, India's refining capacity is also expected to increase to meet rising demands, making the country heavily reliant on oil imports.
India eyes oil deals with nations including Russia, minister says
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 energy at affordable rates to cushion customers from volatile oil markets.
BPCL plans to set up new refinery for Rs 50k cr
The state-owned oil marketing company will invest around Rs 50,000 crore in the project for which it is currently evaluating locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat, two industry officials aware of the development told ET.
Reliance signs deal with Russia's Rosneft to purchase oil in roubles
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 discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.
India's use of crude tankers to export diesel slows in May
Indian refiners reduce diesel shipments to Europe in May due to rising inventories and weak price spreads. April saw high exports, mostly from Reliance Industries' Jamnagar refinery, using Aframax and Suezmax vessels. Cost factors and ample European supply prompt refiners to shift focus back to Asia, exacerbating regional supply glut.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
India has a rare request for Reliance & state refiners on Russia oil deal
India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance's reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.
India's Russian oil imports rise to nine-month high in April
India's Russian oil imports surged to a nine-month peak in April as shipments resumed on non-sanctioned tankers, largely operated by Sovcomflot. Indian refiners imported nearly 1.8 million barrels per day of Russian oil, expanding Russia's share to 38%. The rise affected overall purchases from Iraq and Saudi Arabia, reducing Middle Eastern oil imports.
Vanishing vanaspati still plays an outsized role in calculation of WPI
Although the usage of vanaspati has significantly reduced, it remains a significant factor in calculating the Wholesale Price Index (WPI). In India, vanaspati consumption has dropped from approximately 6% of total cooking oil consumption in 2010-11 to about 3% in 2022-23. While household consumption of vanaspati has declined and shows no signs of reversal, it remains prevalent in processed foods and the baking industry.
BPCL to invest Rs 1.7 lakh cr in core, new energy business
BPCL, which owns three refineries that convert crude oil extracted from below earth's surface into fuels like petrol and diesel, plans to expand refining capacity to 45 million tonnes per annum by March 2029 from current 35.3 million tonnes, he said.
Bitumen sales hit 10-year high in FY24
"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 industry demand analysis.
Reliance renews bid for US license to import Venezuelan oil: Sources
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 granted a license to conduct oil and gas operations in Venezuela for the next two years. The US did not renew a general license for Venezuela to export oil and fuel to its chosen markets in April, but some individual authorizations to foreign firms seeking to do oil business with Venezuela would be issued.
Share of Russian crude in India's imports rises to nearly 40% in April
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 and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.
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India buys more Russian, less Saudi oil in April
In April, India increased imports of Russian oil while decreasing imports from Iraq and Saudi Arabia, according to preliminary data from Kpler and LSEG. Despite geopolitical tensions, Russia remained India's top oil supplier. Indian refiners boosted overall oil purchases by 13-17% but reduced imports from Iraq by 20-23%. Russia's oil imports are projected to decrease in May.
Reliance buys its first Canadian crude from Trans Mountain pipeline, sources say
Reliance joins a growing group of Asian refiners in buying Canadian crude to be exported from the new pipeline which is scheduled to start transporting oil in May. The Canadian government-owned pipeline expansion will nearly triple the flow of crude from Alberta to Canada's Pacific Coast and open up access to Asia and the U.S. West Coast.
China pips India in buying sea-borne Russian crude
China imported 1.82 million barrels a day (mb/d) of Russian crude by sea in March, a third more than India's 1.36 mb/d, according to energy cargo tracker Vortexa. China also receives Russian oil through pipelines.India's monthly imports of seaborne Russian crude exceeded that of China for about one and a half years. In February, however, China's 1.3 mb/d of imports from Russia, marginally surpassed India's 1.27 mb/d. In March, the gap substantially widened.
India stops taking Russian oil delivered on Sovcomflot tankers
Amid US sanctions, all Indian refiners, including major ones like Indian Oil, Bharat Petroleum and Hindustan Petroleum are rejecting Russian crude transported by PJSC Sovcomflot tankers. Scrutiny extends to vessel ownership to avoid ties with sanctioned entities. Other oil ships carrying Russian cargo also are facing delays off the South Asian coast.
Reliance refusing Sovcomflot oil shipments after sanctions, sources say
The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions. The U.S. has imposed wide-ranging sanctions on Russia since its invasion of Ukraine two years ago. In February, the U.S. imposed sanctions on Sovcomflot and 14 crude oil tankers involved in Russian oil transportation.
Private oil companies grab bigger share of aviation fuel market
State-run refiners have traditionally dominated India's aviation turbine fuel business. Private players have, however, gained ground in a decade, aided by open access at airports. Reliance and its JV with BP supply jet fuel at about 30 airports now and serve most of the domestic airlines. Shell's JV sources jet fuel from MRPL's Mangaluru refinery to supply airports in South India.
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