The Russian Embassy in India announced Moscow’s commitment to reducing the trade imbalance with New Delhi, focusing on expanding energy supplies and eliminating trade barriers. Despite the current political climate, mechanisms are in place to ensure a consistent oil flow to India. Bilateral trade is projected to increase by approximately 10% annually, with energy shipments…
Indian Oil and Bharat Petroleum are buying Russian Urals crude again. The refiners stopped buying in July. Now, they are resuming purchases for September. This is because the discount on Urals has increased. Also, China is buying more Urals crude. The discount is now about $3 per barrel. This makes it attractive for Indian refiners.
Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum saw profits rise significantly in the June quarter. High retail margins on petrol and diesel fueled this growth. However, inventory losses impacted refining margins. Discounts on Russian crude are shrinking. Some refiners are delaying Russian oil orders due to potential US penalties. Government compensation for LPG under-recoveries…
ONGC Energy Centre Trust and Engineers India Ltd. have partnered to establish a Helium Recovery Demonstration Plant in Tamil Nadu, valued at Rs 39.42 crore. This plant, utilizing CSIR-IIP technology, aims to extract high-purity Helium from natural gas, addressing India’s import reliance.
Indian Oil Corporation (IOC) and Air India have partnered to promote sustainable aviation fuel (SAF), marking a significant move towards greener aviation in India. IOC will supply SAF produced from used cooking oil, starting December, at its Panipat refinery, with an annual production of 35,000 tonnes.
Chinese oil refiners are increasing their purchases of discounted Russian Urals crude, capitalizing on India’s reduced intake due to increased US tariffs. This shift in global oil flows sees China importing almost double its usual Urals volume, while Indian imports have significantly decreased. The US is taking differing approaches to China and India regarding Russian…
India’s crude oil imports are declining due to stagnant demand both domestically and internationally. This raises concerns about India’s role as a key driver of global oil demand. Crude imports fell by 0.6% from April to July. Product imports also experienced a decrease of 1.5%. Weak domestic fuel consumption is contributing to this slowdown.
White House trade advisor Peter Navarro says India’s purchase of Russian crude is funding Moscow’s war in Ukraine. He adds that New Delhi is now cozying up to both Russia and China. Navarro suggests India needs to act like a strategic partner of the US if it wants to be treated as one.
Indian Oil Corporation will commence sustainable aviation fuel (SAF) production in December at its Panipat refinery, with a 35,000-tonne annual capacity. This output aims to meet India’s international airline SAF blending requirements by 2027, utilizing used cooking oil as feedstock. The company has secured ISCC CORSIA certification, positioning it as the sole certified SAF producer…
Indian refiners are proceeding cautiously with Russian oil tenders for September, awaiting clarity on potential penalties proposed by the U.S. government. While concerned about market tightening and price increases from a hasty shift away from Russian supplies, they are closely monitoring developments and relying on their own market assessments, as the government has not issued…