Latest news with #IndianOilCorp
NDTV
5 days ago
- Business
- NDTV
"Don't Feel Any Pressure...": Minister On US Sanctions Threat Over Russian Oil
India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Oil Minister Hardeep Singh Puri said the world's third-largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market, such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. "I don't feel any pressure in my mind. India has diversified the sources of supply," he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. "I'm not worried at all. If something happens, we'll deal with it," he said. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now." In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent." The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. "Today... It has gone up considerably," he said. Addressing a press conference, Puri said at present the market does not react to geopolitical turmoil, especially in terms of prices as much as there is good availability of oil. Addressing a press conference, he said at present, the price of crude oil is around USD 68.5 per barrel and it is expected to remain around the same levels in the months to come. "I think it will be somewhere around USD 65/barrel," he said. Puri also said that there are discussions and consultations underway with industry stakeholders led by NITI Aayog to increase the percentage of ethanol blending from 20 per cent at present. This was one of the initiatives that we have been talking about for some time called "stratigraphic wells". This is the first of the series which will be carried out. "ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc," he said. "ONGC will be putting in money, BP will provide expertise," he said, adding that the two entities are looking to work together in Andaman, Mahanadi, Saurashtra Kutch. According to an official statement, Puri said Russia remains one of the world's top oil producers with an output exceeding 9 million barrels per day. He also warned that a sudden removal of this supply from the global market-out of a total of approximately 97 million barrels per day-would have created chaos, pushing prices to between USD 130-200 per barrel. The minister said a series of transformative policy reforms were introduced over the last decade to make India's upstream sector globally competitive Among the major changes, he mentioned the reimagined exploration framework under the Oilfields Regulation and Development Act (ORDA), characterised by a co-designed approach, a single lease and approval mechanism, transparent operational rules, and the introduction of a 'no-sit' clause to eliminate inactive acreage. These measures, integrated with the revised Petroleum and Natural Gas Rules and the Model Revenue Sharing Contracts aim to simplify business operations and attract private investment. The Hydrocarbon Exploration and Licensing Policy and amendments to the ORD Act have opened nearly 1 million square kilometres of previously inaccessible "No-Go" areas to exploration, thereby unlocking significant resource potential. "In the last five years, India has contributed 16 per cent to the global increase in oil demand and is expected to account for nearly 25 per cent of the incremental global energy demand through 2045. Our demand is not only large, it is structured, predictable, and responsible," Puri said. India has invested over Rs 4 lakh crore in energy infrastructure over the past decade. These investments have not only strengthened national capacity but also created tangible value at the state level. With an envisaged investment of Rs 30-35 lakh crore over the next 10 years, the coming decade will be pivotal for energy infrastructure development across the country (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
The Hindu
6 days ago
- Business
- The Hindu
India can secure oil even if Russian imports sanctioned, says Oil Minister Puri
India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, Oil Minister Hardeep Singh Puri said on Thursday (July 17, 2025). Earlier this week, U.S. President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days. India should be able to deal with any problems with Russian imports by seeking supplies from other countries, Mr. Puri said. He noted there are many new suppliers coming into the market, such as Guyana, and there is supply from existing producers such as Brazil and Canada. Additionally, India is increasing exploration and production activities. "I'm not worried at all. If something happens, we'll deal with it," Mr. Puri said at an industry event in New Delhi. Diversified sources of supply "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries and Nayara Energy making about half of the overall purchases from Moscow. Russia continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates, the data showed. In case Russian supplies are hit, Indian Oil Corp will "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2%," company Chairman A.S. Sahney told reporters at the event.
Zawya
11-07-2025
- Business
- Zawya
Indian Oil to upgrade Panipat refinery's diesel unit for green jet fuel production
NEW DELHI - Indian Oil Corp plans to shut the diesel desulphuriser unit at its 300,000 barrel-per-day Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday. The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi. India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028. The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site. The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said. Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said. He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project. Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro. L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram. India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said. ($1 = 85.6490 Indian rupees)
Business Recorder
10-07-2025
- Business
- Business Recorder
Indian Oil to upgrade Panipat diesel refinery for green jet fuel production
NEW DELHI: Indian Oil Corp plans to shut its 300,000 barrels-per-day diesel desulphuriser unit at its Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday. The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi. India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028. The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site. The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said. Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said. India aims to import about 10% of its cooking gas from US from 2026, say sources He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project. Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro. L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram. India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said.
Time of India
10-07-2025
- Business
- Time of India
Indian Oil to upgrade Panipat diesel refinery for green jet fuel production
Indian Oil Corp plans to shut its 300,000 barrels-per-day diesel desulphuriser unit at its Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday. The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi. India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028. The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site. The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said. Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said. He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project. Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro . L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram. India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said.
