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☆ US-Bound Ship From Reliance's Sikka Port Hits BPCL Crude Import Facility, Sources Say
▼ + stars: | 2024-03-11 | by ( March | At A.M. | ) www.usnews.com time to read: +1 min

By Nidhi VermaNEW DELHI (Reuters) - Oil tanker Hafnia Seine bound for the United States from Sikka port in Western India hit Bharat Petroleum Corp's (BPCL) crude import facility in an accident late on Sunday, two sources with the knowledge of the matter said on Monday. "It appears to have hit the peripheral structure of the single point mooring (SPM)," one of the sources said, adding that no vessel is scheduled to discharge at its SPM currently. BPCL has a single point mooring at Sikka to import crude for its landlocked Bina refinery in central India. The sources declined to be identified because they were not authorised to speak publicly about the matter. (Reporting by Nidhi Verma; Writing by Mohi Narayan; Editing by Jamie Freed)

Persons: Nidhi Verma, BPCL, RIL, Mohi Narayan, Jamie Freed Organizations: Nidhi Verma NEW DELHI, Bharat Petroleum, Reliance Industries, SPM Locations: United States, Western India, Jamnagar, Gujarat, Bina, India

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy. Based on rights issues previously announced by two other state refiners, an ONGC issue could amount to about 155 billion Indian rupees ($1.86 billion), Reuters calculations show. ONGC, HPCL and the oil and finance ministries did not immediately respond to requests for comment. India's other big state refiners, Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp (BPCL.NS) have announced plans to launch rights issues of 220 billion and 180 billion rupees, respectively.

Persons: Amit Dave, ONGC, Nidhi Verma, Tony Munroe, Clarence Fernandez Organizations: Gas, REUTERS, Natural Gas Corp, Hindustan Petroleum Corp, Indian Oil Corp, Bharat Petroleum Corp, IOC, Thomson Locations: Ahmedabad, India, DELHI, New Delhi, HPCL, ONGC, BPCL

☆ Indian shares rise as falling oil prices boost energy stocks
▼ + stars: | 2023-11-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 8 (Reuters) - Indian shares rose on Wednesday, led by energy stocks, as crude prices fell, while a drop in high weightage financials after a recent rise capped gains. The NSE Nifty 50 index (.NSEI) was up 0.23% at 19,451.10 as of 10:07 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.14% to 65,027.13. "Moderation in U.S. bond yields, positive earnings and a drop in crude oil prices are positive for the markets," said analysts at Centrum Institutional Research. Ten of the 13 major sectors rose, with energy (.NIFTYENR) and oil & gas (.NIFYOILGAS) rising 0.5% and 1%, respectively. ICICI Bank (ICBK.NS), SBI Life Insurance (SBIL.NS), Bajaj Finance (BJFN.NS), Kotak Mahindra Bank (KTKM.NS) were among the top Nifty 50 losers, shedding between 0.3% and 0.8%.

Persons: Francis Mascarenhas, Powell, Brent, Bharath Rajeswaran, Dhanya Ann Thoppil, Sohini Goswami, Nivedita Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, Centrum Institutional Research, Bharat Petroleum Corporation, ICICI Bank, SBI Life Insurance, Bajaj Finance, Kotak Mahindra Bank, Wall, U.S, Treasury, Nasdaq, Apollo Tyres, Prestige Estate, Thomson Locations: Mumbai, India, China, Bengaluru

Reuters reported in July that Indian refiners began using yuan to pay for some oil from Russian sellers, while continuing to use dollars and dirhams to settle most of their Russian oil purchases. Indian refiners buy most of their Russian oil from traders, while making some direct purchases from Russian entities. State-run Indian Oil Corp (IOC.NS), the country's top refiner, has used yuan and other currencies to pay for Russian oil, Reuters reported previously. Private Indian refiners have continued to pay in yuan and other currencies for Russian oil imports, sources said, with most Indian purchases of Russian oil paid in dirham. Indian Oil, BPCL and HPCL and the country's oil and finance ministries did not immediately respond to Reuters' requests for comments.

Persons: Tatiana Meel, Nidhi Verma, Tony Munroe, Simon Cameron, Moore Organizations: REUTERS, European Union, Reuters, Gazprom Neft, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, DELHI, India, Moscow, Ukraine, United States, dirhams, Gazprom, dirham, Hong Kong, China

☆ Russian oil sold to India at 30% above Western price cap, traders say
▼ + stars: | 2023-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below $60 per barrel. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said.

Persons: Tatiana Meel, Brent, HPCL Mittal, Nidhi Verma, Alexander Smith, Elaine Hardcastle Organizations: REUTERS, Moscow, Board, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries Ltd, Nayara Energy, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Ukraine MOSCOW, DELHI, India, Moscow, Saudi Arabia, Baltic, Mangalore, Russian, Turkey, China, Bulgaria, Brazil, New Delhi

Recovering profit margins may prompt complex refiners to maximise yields of transport fuels, causing excess naphtha output as a byproduct in a tepid petrochemical market and further depressing feedstock margins. Mandell expects margins to continue to perform well throughout the year heading into higher-demand crop planting season and into winter in the United States. "The healthy margins reflect the bull market for diesel combined with still strong gasoline cracks even if gasoline did weaken sharply on week. U.S. oil companies said during recent second quarter earnings presentations that strong global demand for fuels and low product inventories are driving robust profits. "Global capacity additions continue to progress slower than anticipated, and we believe that global demand growth will remain strong," Hennigan added.

Persons: Brian M, Mandell, Eugene Lindell, bullish HSFO, FGE's Lindell, Lindell, ENEOS, Phillips, Michael J, Hennigan, Mohi Narayan, Laura Sanicola, Ahmad Ghaddar, Jeslyn Lerh, Tony Munroe, Muralikumar Organizations: NEW, Phillips, Saudi, Reuters, Petronas, Hyundai, India's Reliance Industries, Oil, Marathon Petroleum, Marathon, Thomson Locations: NEW DELHI, WASHINGTON, Latin America, Asia, United States, Europe, Singapore, Malaysia, South Korea, U.S, New Delhi, Washington, London

☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

"Judging by the customs statistics, some of the benefit was captured by refiners in India and China, but the main beneficiaries must be oil shippers, intermediaries and the Russian oil companies," he added. As a further complication, some Russian oil grades, including Pacific grade ESPO, are also worth more than Urals. After decades of low profits or losses, sections of the global shipping industry are enjoying a financial boom from moving Russian oil. A year ago, a similar journey would have cost a seller of Russian oil $0.5-$1.0 million depending on shipping rates. Nayara is 49%-owned by Russian state oil major Rosneft, run by Putin's ally Igor Sechin, meaning some of the profits are indirectly captured by Russia.

☆ Indian shares set to rise, with Adani Group, budget, Fed on watch
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

Indian snapped a losing streak on Monday as key Adani Group stocks arrested their two-session tumble since U.S-based short-seller Hindenburg Research, last week, flagged concerns about the groups' debt levels and the use of tax havens, charges the conglomerate has denied. Traders will also watch the budget for any incentives to entice foreign investors, who have piled out of the market, especially since the report on Adani Group. Foreign institutional investors have sold 151.65 billion rupees ($1.86 billion) worth of shares on a net basis in the past three sessions. STOCKS TO WATCH** Larsen & Toubro (LART.NS): The company reported a lower-than-expected rise in consolidated net profit in third quarter on moderate order growth. ** Bharat Petroleum (BPCL.NS): The company posted a slide in quarterly net profit on stagnant retail prices.

[1/2] An aerial view shows a storage facility owned by Lukoil company at the Arctic port of Varandei October 22, 2013. Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, Refinitiv data showed. At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed. Refinitiv listed the grades carried by these ships as Arco crude although one Chinese trader said there could be Varandey crude onboard. Oil tankers, carrying Russian Arctic crude, are passing Europe and the Middle East to head to China and IndiaReporting by Nidhi Verma in New Delhi, Muyu Xu and Florence Tan in Singapore; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ India may split planned mega refinery to various sites -sources
▼ + stars: | 2022-12-15 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Dec 15 (Reuters) - India is considering building several refineries instead of a single mega plant planned with Saudi Aramco (2222.SE) and Abu Dhabi National Oil Company (ADNOC), due to challenges in acquiring land, three sources familiar with the matter said. Aramco and ADNOC own 25% each in the joint venture Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), a company named after the region where the refinery was initially planned. "The role of Maharashtra government is crucial in acquiring the land," the source said. Another source said ADNOC and Aramco were aware of the plan for several refineries.

☆ India's Nifty 50 hits record high as oil firms jump
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasBENGALURU, Nov 28 (Reuters) - India's blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark Sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over COVID-19 curbs. The NSE Nifty 50 index (.NSEI) jumped 0.53% to an all-time high of 18,611.05, breaking a record it held since Oct. 19, 2021. Earlier in the day, the S&P BSE Sensex index (.BSESN) rose 0.61% to an all-time high of 62,674.49. Those concerns also caused a slide in oil prices as China is a top importer. The gains in Indian oil companies were led by Reliance Industries (RELI.NS), India's most valuable company, which surged 3.64%.

China, the world's largest crude oil importer, and India, the third-biggest, have increasingly turned to Russian crude this year, buying cargoes at steep discounts as Moscow sought to keep up export volumes after Western countries shunned its oil. Chinese refiners have begun slowing their purchases of Russian crude for December arrivals, according to traders and industry players in China. The lower volumes for December follow strong imports by India of Russian crude in recent months. It's likely that both countries will be keen to buy Russian crude, especially if it comes at a steep discount compared to grades from the Middle East and Africa. Currently, much of the crude China buys from Russia comes from the eastern ports.

The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force. Moscow has said it would not supply oil to any country that agrees to the price cap. The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products. "We get Russian oil on a delivered basis, let the contours of the price cap mechanism be finalised. Another source said a halt of Russian oil purchases by India will create a 'huge energy imbalance', which will not be affordable to some economies.

☆ INDIA STOCKS Indian shares seen opening lower on global growth fears
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Francis Mascarenhas/BENGALURU, Sept 26 (Reuters) - Indian shares are expected to fall at the open on Monday, in line with Asian peers, amid renewed worries over economic growth on the back of high-interest rate environment. India's NSE stock futures listed on the Singapore exchange were down 0.9% as of 0205 GMT, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1%. Foreign institutional investors sold net 29 billion rupees worth Indian equities on Friday as per provisional data available with the National Stock Exchange. ** India's Goa Carbon (GOAC.NS) will consider raising funds via issue of equity shares on rights basis. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

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