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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

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

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

☆ Indian shares set for weak open on U.S. recession fears, hawkish cenbanks
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 16 (Reuters) - Indian shares are set to open lower on Friday, on recession fears in the U.S. and hawkish commentary by major central banks, following their U.S. counterpart. Adding to the woes of Indian markets could be the crude prices, which looked poised to end the week higher after projections of a demand revival. Foreign institutional investors sold 7.11 billion rupees ($85.81 million) worth of equities on a net basis on Thursday, while domestic investors bought 2.61 billion rupees of shares, as per provisional NSE data. ** Hindustan Petroleum Corporation (HPCL.NS): Co approves proposal to borrow up to 100 billion rupees in a private placement. ($1 = 82.8600 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur 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 Hero MotoCorp to invest $60 mln in Zero Motorcycles
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Indian bikemaker Hero MotoCorp (HROM.NS) said on Thursday it will invest $60 million in California-based Zero Motorcycles to jointly develop electric motorcycles, as it seeks to expand presence in the green mobility space. Zero is present is a "global leader" in powertrains, Hero said in its exchange filing, adding that it will launch its first electric product under its emerging mobility brand Vida on Oct. 7. The move comes after Hero in January announced an investment of more than $56 million in electric vehicle (EV) start-up Ather Energy — India's top electric-scooter maker by revenue. Earlier this month, it partnered with state-run Hindustan Petroleum Corp (HPCL.NS) to set up EV charging infrastructure across the country. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares set to open lower ahead of Fed rate hike decision
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasBENGALURU, Sept 21 (Reuters) - Indian shares are expected to open slightly lower on Wednesday, after two straight sessions of gains, as investors brace for a hefty rate hike from the U.S. Federal Reserve and clues on further hikes. Register now for FREE unlimited access to Reuters.com RegisterForeign investors bought a net $91.9 million worth of Indian equities on Tuesday, Refinitiv data showed. The Fed is set to announce its decision at the end of a two-day policy meeting later in the day. Rate futures traders are pricing in an 81% chance of a 75-basis-point hike and a 19% probability of a jumbo 100 bps increase. 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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