Indian Refineries

Refineries in India and two other countries that run on Russian crude shipped 1 billion euros (USD 1.2 billion) of oil products to sanctioning countries in September, up 43 per cent from August, according to the Centre for Research on Energy and Clean Air (CREA). Reliance Industries Ltd's Jamnagar refinery in Gujarat supplied six of the seven cargoes unloaded at EU ports that month, despite the bloc's ban on fuel made from Russian crude. The CREA report covers refineries in India, Turkiye and Brunei. The EU took 667 million euros' worth of their products, Australia 168 million euros, the US 154 million euros and New Zealand 19 million euros. CREA estimated 295 million euros' worth was refined from Russian crude. Jamnagar also supplied the group's largest US-bound exports, worth 122 million euros, and Russian crude made up 32 per cent of its imports from July to September. Italy received three of the seven EU-bound shipments, Romania two, and Spain and Cyprus one each. Exports repor

The legislation allows US President Donald Trump to impose tariffs of as much as 100 per cent on the top five purchasers of Russian oil and natural gas, essentially targeting China and India

Indian refiners expect Russian crude discounts to widen as additional supplies from Iran and West Asia enter the market following the US-Iran ceasefire agreement

Under the latest US waiver, countries have been allowed to purchase Russian crude oil and petroleum products until May 16 that were loaded onto vessels on or before April 17

India has raised local output by over a fifth since strikes on Iran began in February, to about 46,000 tons a day

Indian refiners use yuan via ICICI to settle rare Iranian oil purchases under US waiver, as sanctions and payment hurdles complicate trade

However, Nayara Energy will shut its 400,000 barrels per day Vadinar refinery for maintenance from April 9, tightening supply of ​liquefied petroleum gas in the country, she said

The cargoes were booked at premiums of $5 to $15 a barrel to Brent

Indian refiners weigh buying Iranian crude and LPG after US issues a 30-day waiver, as energy markets tighten amid the West Asia conflict

Strategic reserves offer limited cover as shipping disruptions slow the arrival of replacement barrels

While GL 46A allows financing activities related to transactions, alongside are sanctions on dealings with Venezuelan state oil company PdVSA

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners

Officials of Indian refiners evaluating Russian crude alongside other grades from Brazil, Angola and UAE

Indian refiners will also issue some spot tenders for purchase of US LPG for deliveries early next year, the sources said. Details are not yet available

India plans to raise energy imports from the US to cut its trade surplus with Washington, a key irritant for President Donald Trump, who has imposed a 50% import levy on Indian goods

Saudi benchmark contract prices (CPs) for November for propane and butane, blended to make LPG, dropped to their lowest since August 2023 - $475 and $460 a tonne

Indian processors, the top buyers of seaborne oil from Moscow, have been weighing up their options since US authorities blacklisted two of Russia's largest producers, Rosneft PJSC and Lukoil PJSC

Indian refiners, the world's biggest user of Russian oil, can operate without supplies from Moscow from a technical standpoint, but the shift would involve major economic and strategic trade-offs, analysts said. Russian crude supports high distillate yields - the share of crude converted into fuels like petrol, diesel, and jet fuel through distillation. Replacing Russian crude, which accounts for up to 38 per cent of India's refinery intake, with alternatives will shift yields, resulting in lower middle distillates (diesel and jet fuel) and higher residue outputs, according to global real-time data and analytics provider Kpler. US President Donald Trump last week announced an additional 25 per cent tariff on US imports from India -- raising the overall duty to 50 per cent -- as a penalty for the country's continued imports of Russian oil. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stoppi

In FY25, sectors like refineries, telecom services, and iron and steel led capital investments in India

Advent of US LPG will enhance India's security of supply