A free trade agreement between India and the UK is set to enhance trade relations. Kartikeya Dube says it will encourage collaboration and investments in the energy sector. The agreement aims to expand trade significantly by 2040. Ninety-nine percent of Indian exports will face zero duties in the UK.
An oil tanker carrying Russian Urals crude, initially destined for Nayara Energy’s Vadinar port in India, has been rerouted to Mundra port following EU sanctions on Nayara. Two tankers have also avoided loading refined products from Vadinar. The cargo of 700,000 barrels of Urals has been purchased by HPCL-Mittal Energy Ltd (HMEL) for its refinery.
Indian Oil Corporation’s restructuring of its pipeline division and outsourcing plans for aviation fuel stations, depots, and terminals are facing strong internal opposition. The Indian Oil Officers Association has cautioned the petroleum minister about potential risks to operational integrity and strategic interests. Concerns include compromised safety standards and misaligned priorities during emergencies due to privatization.
India’s oil ministry proposes a draft contract offering compensation to explorers if the government seizes assets or contractual rights under oilfield agreements. This move addresses international energy companies’ concerns about expropriation, aiming to attract foreign investment in exploration. However, compensation is conditional and won’t apply in certain situations, such as failure to submit a field…
Petronet LNG is seeking a ₹120 billion ($1.4 billion) loan to fund a petrochemical plant in Dahej and an LNG terminal in Gopalpur. SBI Capital Markets is advising the deal, with Axis Bank, SBI, and Union Bank likely participants. If approved, it would be among India’s biggest rupee loans this year, diversifying Petronet’s earnings beyond…
Reliance Industries is under scrutiny after the EU’s new diesel sanctions targeting Russian crude. The company recently bought Abu Dhabi’s Murban crude in a rare move and is reportedly exploring alternatives to Russian oil, which accounts for nearly half its imports. With Europe buying a fifth of Reliance’s fuel exports, the shift may impact sourcing…
Nayara Energy, an Indian refiner with Russian backing, faced EU sanctions. The company then revised payment terms for a naphtha export tender. It sought advance payment or a letter of credit. Consequently, the tender was skipped. A BP-chartered tanker also left a Nayara port without loading. Nayara has criticized the EU sanctions as unjust.
Following EU sanctions, shipowners and oil traders are increasingly avoiding Russia-backed Nayara Energy, leading to logistical disruptions. Several tankers, including the Talara and Chang Hang Xing Yun, have altered their courses, canceling planned cargo pickups from Vadinar port. This hesitation raises concerns about broader impacts on trading and financing for the Indian refiner, in which…
India prioritises energy security, emphasising the need for a clear global energy market perspective without double standards, according to Foreign Secretary Vikram Misri. This statement follows EU sanctions targeting Russia’s energy sector, including restrictions on the Vadinar refinery.
The oil tanker Talara, chartered by BP, departed from India’s Vadinar port without loading diesel as scheduled. The vessel was expected to load ultra low sulphur diesel for Africa on July 21. This occurred after Nayara Energy, partly owned by Rosneft, faced EU sanctions for dealing with Russian oil.