Latest news with #BharatPetroleumCorp
Express Tribune
2 hours ago
- Business
- Express Tribune
India halts Russian oil purchases ahead of Trump's tariffs
Listen to article Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and US President Donald Trump warned against purchasing oil from Moscow, industry sources said. India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. Read More: Trump's new tariff to impact Indian economy IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment. The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. Private refiners Reliance Industries and Nayara Energy are the biggest Russian oil buyers in India, but state refiners control over 60% of India's overall 5.2 million barrels per day refining capacity. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.
TimesLIVE
2 hours ago
- Business
- TimesLIVE
Indian state refiners pause Russian oil purchases, say sources
Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and US President Donald Trump warned countries not to purchase oil from Moscow, say industry sources. India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude, a vital revenue earner for Russia as it wages war in Ukraine for a fourth year. The country's state refiners — Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd — have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment. The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply — mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. Private refiners Reliance Industries and Nayara Energy, majority owned by Russian entities including oil major Rosneft, have annual deals with Moscow and are the biggest Russian oil buyers in India.
Deccan Herald
5 hours ago
- Business
- Deccan Herald
Indian state refiners pause Russian oil purchases: Reports
The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters.
Business Recorder
6 hours ago
- Business
- Business Recorder
Indian state refiners pause Russian oil purchases, sources say
NEW DELHI: Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned against purchasing oil from Moscow, industry sources said. India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment. Indian Oil to upgrade Panipat diesel refinery for green jet fuel production The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. Private refiners Reliance Industries and Nayara Energy are the biggest Russian oil buyers in India, but state refiners control over 60% of India's overall 5.2 million barrels per day refining capacity. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.
Time of India
10 hours ago
- Business
- Time of India
India oil refiners squeezed by anti-Russia push from US and EU
Indian oil refiners are being hemmed in by both the US and European Union's stepped-up efforts to target Russian energy flows, with processors scrambling to buy crude from other sources. 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. President Donald Trump criticized the country's purchases of Russian energy and weapons as he said the US would impose a relatively high import tariff of 25 per cent on Indian exports from Friday. Even before Trump's announcement, state-owned refiners had been issuing purchase tenders for unusually prompt arrival dates. Indian Oil Corp ., the country's biggest processor of crude, issued a buy tender for oil arriving in late September to early October on Thursday, shortly after awarding a similar one for roughly the same delivery dates. Bharat Petroleum Corp . purchased Middle Eastern and West African crude varieties this week also for delivery in the late-September to early-October period. Typically, tenders issued at this time would be for crudes which are set to arrive in mid-to-late October. Refiners in India had already been hit by the EU's intention to ban imports of diesel made in the country from Russian crude. They're now having to cope with a White House that's become markedly more strident on Moscow's energy flows. The processors are currently seeking clarity from New Delhi as to how their oil purchases will be affected. India bought about 1.63 million barrels a day of Russian oil last year, more than a third of its total imports, according to ship-tracking data compiled by Bloomberg. Those volumes have largely held up so far this year. As well as the geopolitical challenges, Indian refiners are also having to deal with less crude coming from Russia, and rising prices.
