Indian Oil Refiners

India has been balancing the risk of secondary sanctions - and the need to secure a trade deal with the US - against the risks that come with allowing much-needed ties to Russia to fray

Indian refiners will likely lean on Iraqi Basrah Medium, a type of crude oil, barrels to replace lost Russian grades

Rosneft, Lukoil major suppliers to India; crude import bill may rise by over ₹23K cr

India targets deepwater and ultra-deepwater oil and gas to cut import reliance and boost energy security

The country's top refiner, Indian Oil Corp, has bought 5 million barrels of US West Texas Intermediate crude for delivery in October and November via a tender

Former RBI governor Rajan pointed out that refiners have been earning excess profits from importing Russian oil, while exporters have taken a hit due to tariffs imposed by the US

State-run and private processors, including heavyweight Reliance Industries Ltd., are expected to buy 1.4 million-to-1.6 million barrels a day for October loading and beyond

India's state processors have bought large volumes of non-Russian crude this week for prompt September-October delivery

India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies

Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Mangalore Refinery and Petrochemicals Ltd have not placed new orders for Russian crude

A major buyer of Russian oil, India is now finding itself blindsided by a more aggressive approach to the Kremlin from both Washington and Brussels

The sanctions freeze US-based assets of the six Indian companies and prohibit US entities from any dealings, affecting global petrochemical trade links

Reliance Industries Ltd. and Nayara Energy Ltd. alone took 45 per cent of Russia's shipments of the medium-sour variety

Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers

Targets $4 billion of capex in FY26, up from $3.71 billion last year

Plans to resume crude oil imports had been shattered in the wake of multiple airstrikes between Israel and Iran in April last year

The Indian cancellations could limit the rally in Malaysian palm oil prices, although they could also support soyoil prices as some refiners shift to soyoil

State-owned Bharat Petroleum Corporation Ltd's (BPCL) proposed 9 million tonnes a year oil refinery-cum-petrochemical complex in Andhra Pradesh is likely to cost around Rs 95,000 crore, its Director (Finance) Vetsa Ramakrishna Gupta said. This will be India's costliest refinery project so far. Hindustan Petroleum Corporation Ltd (HPCL) will this year commission a similar size unit at Barmer in Rajasthan at a cost of Rs 71,814 crore. In Modi government's first term, a mega 60 million tonnes oil refinery and petrochemical complex was proposed at Ratnagiri district of Maharashtra at a cost of Rs 3 lakh crore but the project hasn't seen the light of the day because of land acquisition issues. In an investor call with analysts post announcement of third quarter earnings, Gupta said the BPCL board last month approved an expenditure of Rs 6,100 crore on pre-project activities such as land acquisition and commissioning of detailed project report (DPR) and certain feedstock studies. "Roughly

Russian oil accounted for more than a third of India's imports last year, but US sanctions are tightening supply, pushing the buyer back to traditional Middle East sources

Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output going forward, two Chinese trade sources said