Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Indian Oil Corp"


25 mentions found


This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue. AdvertisementIndia has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice. To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year.
Persons: , Rosneft, It's Organizations: Service, Russian Sokol, Indian Oil Corp, Reuters, Business, United, UAE dirham, IOC, Business Insider, Sokol, Bloomberg, Moscow Locations: Moscow, Russian, United Arab Emirates, UAE, Sokol, India, Sri Lanka, Russia, Ukraine, China, Delhi, Beijing
One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.
Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE
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
All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil (XOM.N).
Persons: Dado Ruvic, IRClass, Sokol, India's ONGC Videsh, Florence Tan, Muyu Xu, Nidhi Verma, Jacqueline Wong, Raju Gopalakrishnan, Sharon Singleton Organizations: REUTERS, Sokol, Washington, Indian Oil Corp, Liberian, Ligovsky, Treasury Department, Russian Sokol, IOC, Indian Register of Shipping, Oil Tanker, Sun Ship, American Bureau of Shipping, ExxonMobil, Natural Gas Corp, Sakhalin Oil, Gas Development, Thomson Locations: SINGAPORE, DELHI, LSEG, U.S, Washington, Moscow, Ukraine, Kazan, India, North, Gujarat, Dubai, London, Sakhalin, Singapore, New Delhi
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
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
A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. The central bank is "keen that volumes of such trades go up" and "has assured the market that they will be ready to support banks with INR-AED trades," this banker said. "The RBI is telling banks to first encourage large clients and corporates to start INR-AED trades because their balance sheets are relatively stronger," another banker said.
Persons: Francis Mascarenhas, corporates, Siddhi Nayak, Jaspreet, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, United Arab, Reuters, Reserve Bank, Indian Oil Corp, Abu Dhabi National Oil Co, Siddhi, Thomson Locations: Mumbai, India, Rights MUMBAI, DELHI, United Arab Emirates, UAE, dirhams, Abu Dhabi
India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars. The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company. Nations including India, Russia, and other BRICS members have been pushing to de-dollarize. Monday's deal marked India's first crude oil payment to the UAE in rupees. Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.
Persons: Dedollarization, Stephen Jen Organizations: United, Indian Oil Corp, Abu, Abu Dhabi National Oil Company, Nations, Service, UAE, Eurizon Locations: United Arab Emirates, Abu Dhabi, India, Russia, Wall, Silicon, UAE, China, France, Israel, Brazil, South Africa, Argentina
India makes first crude oil payment to UAE in Indian rupees
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +1 min
Indian Oil Corp Ltd logo is seen displayed in this illustration taken, April 10, 2023. Indian Oil Corp (IOC.NS) made payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by Indian embassy in UAE. The transaction comes after one involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million). India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. Bilateral trade between India and UAE was $84.5 billion in 2022/23.
Persons: Dado Ruvic, Narendra Modi, Juby Babu, Nidhi Verma, David Gregorio Our Organizations: Indian Oil Corp, REUTERS, Indian Oil Corporation, United Arab, Abu Dhabi National Oil Company, UAE, Indian, Thomson Locations: India, United Arab Emirates, Abu Dhabi, UAE
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
"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.
Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco
DHAKA, May 22 (Reuters) - Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters reviewed by Reuters show, with the state petroleum company owing more than $300 million as it faces an "alarming decrease in fuel reserves". Heavily reliant on energy imports, Bangladesh is grappling with power cuts resulting from a fuel shortage that have badly hurt its exports-oriented garments industry. BPC imports 500,000 tonnes of refined oil and 100,000 tonnes of crude oil every month. The April letter said several fuel suppliers had either sent fewer cargoes than scheduled or threatened to halt supplies. Others in South Asia, such as Sri Lanka and Pakistan, have also sought or received IMF funds this year.
Asia's third-largest economy imported about 1.9 million barrels per day (bpd) of Russian oil in April, about 4.4% higher than the previous month, the data showed. Higher imports from Russian raised the share of oil from the C.I.S. India's oil imports from various regionsRussia remained the top oil supplier to India for the sixth-straight month in April, followed by Iraq and Saudi Arabia. Oil imports from Russia also rose as Indian Oil Corp (IOC.NS), the country's top refiner, raised the size of its annual import deal with Rosneft (ROSN.MM). Lower purchases of oil from the Middle East dragged OPEC's share of India oil imports to a record low of 46%, the data showed.
India has emerged in the past year as a top buyer of Russian oil following Moscow's invasion of Ukraine on Feb. 24, 2022. Russia's largest oil producer Rosneft (ROSN.MM) and top Indian refiner Indian Oil Corp (IOC.NS) have also signed a term deal to substantially increase and diversify oil grades delivered to India. According to ship-tracking data from Kpler, Reliance Industries (RELI.NS) and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil. However, that has increased to 200,000 bpd after the EU banned Russian oil products imports from Feb. 5 this year, data from Kpler shows. Any mechanism to stem the flow of Russian oil would need to be implemented by the national authorities, Borrell told the FT, suggesting that the EU could target buyers of Indian refined fuels which it believes are derived from Russian crude.
India remains top destination for Russian Urals oil in April
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +1 min
MOSCOW, April 10 (Reuters) - India remains the main destination for Russia's seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday. Last month Russia's Rosneft and Indian Oil Corp (IOC.NS) announced a supply deal for up to 1.5 million tonnes of Russian oil (11 million barrels) per month from April 1. Urals oil shipments to China, meanwhile, have not increased significantly in April. "China is buying Urals, but not as actively as was expected," a trade source involved in Russian oil trading said. Russia's Gazpromneft shipped 140,000 tonnes of Urals from Novorossiisk to Myanmar in April, having supplied it for the first time in March.
India-China competition, OPEC cuts nudge Urals above price cap
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: +3 min
MOSCOW/SINGAPORE, April 5 (Reuters) - Russian Urals oil broke through the $60 per barrel price cap on Wednesday, boosted by strength in international benchmark Brent after OPEC+ announced an output cut, three sources involved in Russian oil trade said and Reuters calculations showed. The price cap was introduced in December by G7 countries and Washington said it would help to avoid supply disruptions by keeping Russian oil flowing, while limiting revenues for Russia's President Vladimir Putin. The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations. If international prices fall, the actual price of the deal could still be below the cap.
Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.
REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.
SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, March 29 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday. The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said. "The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian companies in the entire value chain of the energy sector, including possibilities of making payments in national currencies," it added. Deliveries to India are set to account for more than 50% of all seaborne Urals exports this month, with China in second place. Deputy Prime Minister Alexander Novak said on Tuesday that Russian oil sales to India jumped 22-fold last year, but he did not specify the volume sold.
BENGALURU, Feb 7 (Reuters) - Adani Total Private Ltd expects to receive 2.2 million tonnes of liquefied natural gas (LNG) at its terminal at Dhamra on India's eastern coast during the year ending March 2024, the company's chief executive told Reuters on Tuesday. Adani Total has a 20-year take-or-pay contract to provide regasification services to state-run Indian Oil Corp (IOC.NS) for 3 million tonnes of LNG per annum at the Dhamra terminal. Government-run gas distributor GAIL (India) Ltd (GAIL.NS) has a similar 1.5 million tonnes per annum deal. The energy-hungry country expects deeper penetration of city gas distribution to drive LNG demand in the coming years. Global LNG prices eased off record highs in the second half of 2022, amid ample inventories in North Asia and Europe.
Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics. Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country's top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries. India's state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024. About 40% of India's fuel demand is for diesel, which is mostly used by trucks.
[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.
Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.
[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 STOCKS Indian shares seen opening higher, Fed in focus
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +3 min
BENGALURU, Nov 1 (Reuters) - Indian shares may kick off November trading on a higher note on Tuesday, after rising for three straight sessions, tracking gains in broader Asia as investors turn focus to the U.S. Federal Reserve policy meeting this week. India's NSE stock futures, listed on the Singapore exchange , were 0.61% higher as of 0203 GMT. Investors this week will be looking for the outcome of the Fed policy meeting and the outlook on future rate hikes path. The Fed is widely expected to raise interest rates by 75 basis points on Wednesday at the conclusion of its two-day policy meeting. ($1 = 82.7910 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
Total: 25