BPCL

Jan 30 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• TRAFIGURA AG - BPCL AND TRAFIGURA SIGN LANDMARK CRUDE OIL SUPPLY AGREEMENT

• TRAFIGURA - AWARDED TENDER TO SUPPLY IRAQI BASRAH AND OMAN CRUDE OIL TO BPCL ON TERM BASIS; DELIVERY WILL BEGIN IN APRIL 2026

• TRAFIGURA - AGREEMENT MARKS THE FIRST OF ITS KIND FOR BPCL FOR IMPORTS OF BASRAH CRUDE

Source text: https://tinyurl.com/2av2dmvm

Further company coverage: BPCL.NS

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SOUTH GOA, India, Jan 29 (Reuters) - India's state-run Bharat Petroleum Corp (BPCL) will set up a trading desk in Singapore next month to expand its dealings in crude oil, liquefied natural gas, and refined fuels, its Chairman, Sanjay Khanna, said on Thursday.

He said the company will initially post four to five people in Singapore.

"Our team will identify opportunities for us and can help other companies as well if required," Khanna told reporters at the India Energy Week conference.

He also said the company will buy Venezuelan oil. BPCL can process up to 15% Venezuelan crude at its Bina and Kochi refineries, he added.

(Reporting by Nidhi Verma; Editing by Louise Heavens)

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Jan 28 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• INDIA BPCL EXEC SAYS CO SEEKING LNG THROUGH 10 YEAR IMPORT TENDER

• INDIA BPCL EXEC SAYS BPCL SEEKS TO ANNUALLY IMPORT 4 LNG CARGOES IN FIRST 3 YRS WITH PRICING LINKED TO JKM AND BRENT

• INDIA BPCL EXEC SAYS BPCL TO BUY 8 LNG CARGOES IN REMAINING 7 YEARS WITH PRICING LINKED TO HENRY HUB AND BRENT

• INDIA BPCL EXEC SAYS TO EVALUATE INITIAL BIDS IN TENDER BY END OF FEB

• INDIA BPCL EXEC SAYS WILL AWARD TENDER ONLY IF PRICES ARE AFFORDABLE FOR INDIAN MKTS

• INDIA BPCL EXEC SAYS WILL CONSIDER FLOATING LONG TERM LNG TENDER NEXT YEAR AS WELL

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SOUTH GOA, India, Jan 27 (Reuters) - Indian oil refiners are only being offered small volumes of Venezuelan crude as most supply is heading to the United States, four refining executives said on Tuesday, slowing the return of the South American supply to the world's third-largest importer.

Trading houses Trafigura and Vitol began marketing Venezuelan oil this month after an agreement between Caracas and Washington for the U.S. to control 50 million barrels following its capture of Venezuela's Nicolas Maduro on January 3, with proceeds going to a U.S.-supervised fund.

Since then, Indian refiners - Reliance Industries Ltd RELI.NS, Indian Oil Corp IOC.NS Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS have been looking to buy Venezuelan crude.

"Offers are not there. Traders are looking to meet their commitment to the U.S. market," one executive said, referring to Vitol and Trafigura. The executives declined to be named as they are not authorised to speak to media. Vitol and Trafigura did not immediately respond to requests for comment.

Indian refiners have also previously said that discounts on Venezuelan crude are not wide enough to make it attractive for them to purchase.

The trading firms have sold Venezuelan crude to U.S. and European refiners including Valero VLO.N, Phillips 66 PSX.N, Repsol REP.MC and Vitol's Saras refinery in Italy.

A Bharat Petroleum Corp BPCL.NS executive said it plans to tie up with another firm to buy Venezuelan oil as the quantity it needs is small at about 200,000 barrels.

(Reporting by Nidhi Verma; Writing by Florence Tan; Editing by Alexander Smith)

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Jan 23 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• Q3 NET PROFIT 75.45 BILLION RUPEES

• Q3 REVENUE FROM OPERATIONS 1.37 TRLN RUPEES

• AVERAGE GRM FOR NINE MONTHS ENDED DEC 31 AT $9.68 PER BARREL

• DECLARES SECOND INTERIM DIVIDEND OF 10 RUPEES PER SHARE

Further company coverage: BPCL.NS

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NEW DELHI/SINGAPORE, Jan 21 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS has finalized two import tenders for Iraq's Basrah oil and Oman crude from April this year to March 2027, according to three trade sources.

The refiner is also expected to finalize a third tender in which it is seeking to buy United Arab Emirates' Murban crude grade later this week, the sources said.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Tom Hogue)

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Jan 20 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA MODERNIZES BPCL PIPELINE

• MODERNIZATION OF AUTOMATION AND MONITORING SYSTEMS ACROSS BPCL VADINAR-BINA PIPELINE

Source text: ID:nBSE81bQxG

Further company coverage: ABB.NS

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SINGAPORE, Jan 9 (Reuters) - India's Bharat Petroleum Corp Ltd BPCL.NS issued a tender seeking four to eight cargoes of liquefied natural gas (LNG) per year for 10 years, with deliveries beginning from 2026, said two industry sources on Friday.

BPCL is seeking four cargoes per year from 2026 to 2029, and eight cargoes per year from 2030 to 2035, in a tender that closes on January 14, added one of the sources.

(Reporting by Emily Chow; Editing by Harikrishnan Nair)

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Recasts and adds details throughout

By Nidhi Verma

NEW DELHI, Jan 6 (Reuters) - Reliance Industries RELI.NS said on Tuesday it is not expecting any Russian crude oil deliveries in January, a move that could sharply cut India's Russian oil imports during the month to the lowest in years.

The statement by Reliance, operator of the world's largest refining complex and the biggest Indian buyer of Russian crude last year, came after U.S. President Donald Trump on Sunday warned that the U.S. could further raise import tariffs on India over its Russian oil purchases.

"Reliance Industries’s Jamnagar refinery has not received any cargo of Russian oil at its refinery in the past three weeks approx. and is not expecting any Russian crude oil deliveries in January," it said in a statement posted on X.

The statement denied a media report from last week that said three vessels laden with Russian oil were heading toward Reliance's Jamnagar refinery.

India emerged as the biggest buyer of discounted Russian seaborne crude following the start of the Ukraine war in 2022. The purchases have fuelled a backlash from Western nations, which have targeted Russia's energy sector with sanctions, arguing that oil revenues help fund Moscow's war effort.

The U.S. doubled import tariffs on Indian goods to 50% last year as punishment for its heavy purchasing of Russian oil. The two countries are currently negotiating a potential trade deal in talks that have been fraught at times.

Indian authorities asked refiners for weekly disclosures of Russian and U.S. oil purchases, people familiar with the matter said, Reuters reported last week.

The people said India's imports of Russian crude are likely to dip below 1 million barrels per day as New Delhi seeks to clinch a trade deal with Washington.

Stricter U.S. and EU sanctions have slowed Russian oil flows to India, which fell to a three-year low of about 1.2 million bpd in December, according to sources and analytics firm Kpler. That marks a roughly 40% drop from a June peak of around 2 million bpd.

With Reliance halting buying, deliveries of Russian oil to India in January are likely to be limited to Russia-backed Nayara Energy and state-run refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS, according to preliminary data from LSEG.

IOC, BPCL and Nayara did not immediately respond to emails seeking comment.

Nayara Energy, which operates a 400,000-bpd refinery, is likely to be the main Indian buyer of Russian crude as its supplies are otherwise constrained by EU sanctions after other suppliers backed out, government sources have told Reuters.

(Reporting by Nidhi Verma; Writing by Florence Tan; Editing by Tony Munroe and Sonali Paul)

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Nov 13 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• BPCL EXEC: CO RENEWS DEAL WITH IRAQ TO BUY UPTO 70,000 BPD OIL IN 2026

• BPCL EXEC: WILL BUY MORE OIL FROM SAUDI ARABIA IN DEC VERSUS PREVIOUS MONTHS

Further company coverage: BPCL.NS

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NEW DELHI/SINGAPORE, Nov 3 (Reuters) - Bharat Petroleum Corp BPCL.NS has bought Abu Dhabi crude in a tender to replace oil from Russia after U.S. sanctioned two major Russian producers, two trade sources said on Monday.

The Indian refiner purchased 2 million barrels of Upper Zakum crude for loading in December, they said.

One of the sources said ADNOC Trading will supply the cargo.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Christopher Cushing)

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By Nidhi Verma

NEW DELHI, Oct 16 (Reuters) - India plans to cut imports of liquefied petroleum gas from the Middle East as its state refiners look to boost purchases from the U.S., sources with knowledge of the matter said, bolstering New Delhi's efforts to secure a broader trade deal with Washington.

The state refiners have already informed their traditional suppliers of LPG in Saudi Arabia, United Arab Emirates, Kuwait and Qatar about the likely cut in LPG purchases, the sources, who spoke on condition of anonymity, said.

The planned size of the LPG supply reduction from the Middle East wasn't clear, but Reuters reported in July that India aims to source about 10% of its cooking gas imports from the U.S. beginning in 2026.

During Prime Minister Narendra Modi’s visit to Washington in February, India pledged to raise U.S. energy purchases from $10 billion to $25 billion, with both nations targeting $500 billion in bilateral trade by 2030.

Indian officials are currently in Washington for trade talks.

India's trade surplus with the U.S. is a key irritant for President Donald Trump, who has imposed a 50% tariff on Indian goods - with 25 percentage points of that total specifically levied to penalise New Delhi for purchases of Russian oil.

Washington says Moscow is using petroleum revenue to fund its war against Ukraine.

Trump on Wednesday said Modi has assured that India will stop buying Russian oil.

Indian state refiners and Middle Eastern producers in Kuwait, Qatar and UAE did not respond to Reuters emails seeking comment. Saudi Aramco declined comment.

The sources said LPG will be sourced on a delivered basis from the U.S.

LPG is a mix of propane and butane used as cooking fuel and is mainly imported by state retailers Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS and sold at a subsidised price to households.

Indian state refiners are jointly seeking to buy about 2 million metric tons of U.S. LPG in 2026 through tenders.

In 2024, the South Asian nation imported about 65% of its LPG consumption of 31 million tons, according to the government data.

The refiners imported about 90% of their 20.4 million tons under term deals with countries including the UAE, Qatar, Kuwait, and Saudi Arabia.

This year, India has bought some parcels of U.S. LPG, taking advantage of the arbitrage window as China, locked in a tariff war with Washington, slowed purchases.

In April, Reuters reported that India plans to scrap import tax on some U.S. products, including LPG, as part of a broader trade deal.

In 2024, India imported 8.1 million tons of LPG from UAE, 5 million tons from Qatar, 3.4 million tons from Kuwait, and 3.3 million tons from Saudi Arabia, the sources said. The nation also bought small quantities from Bahrain and Oman.

(Reporting by Nidhi Verma; Additional reporting by Sarah El Safty
Editing by Shri Navaratnam)

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NEW DELHI, Oct 9 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS will invest nearly $11 billion to build a new 180,000–240,000 barrels-per-day refinery in the southern state of Andhra Pradesh, a state government order said on Thursday.

The order said the government has allocated 6,000 acres for a refinery and petrochemicals project costing about 968.62 billion rupees and asked BPCL to begin commercial operations by January 2029.

Andhra Pradesh, ruled by Prime Minister Narendra Modi's key ally Chandrababu Naidu, is seeking investment to ease financial strains from high debt and social spending.

Over 20 years, the state will provide financial incentives to BPCL equal to 75% of the project's estimated capital expenditure, according to the order.

BPCL is India's second-biggest state refiner, with 706,000 barrels per day of crude capacity across three refineries.

($1 = 88.7790 Indian rupees)

(Reporting by Nidhi Verma; Editing by Tasim Zahid)

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Adds comment

Sept 25 (Reuters) - Indian refiners' crude throughput declined 4.4% month-on-month in August to 5.27 million barrels per day (22.29 million metric tons), according to provisional government data released on Thursday.

Refinery throughput in July was at 5.51 million barrels per day (23.31 million metric tons).

On a year-on-year basis, refinery throughput rose 3% in August.

India's fuel consumption in August hit an 11-month low, slipping 3.8% month-on-month to 18.73 million metric tons, oil ministry data showed.

India is the world's third-biggest oil importer and consumer.

"Refinery throughput declined in August compared to July, primarily due to seasonal monsoon-related disruptions, scheduled maintenance shutdowns, and one of the refineries operating at reduced capacity," Prashant Vasisht, vice president and co-head of corporate ratings at ICRA, said.

Meanwhile, Indian oil refiners are increasing gasoline and diesel exports to their highest levels in several years, driven by expanded crude processing capacity and increased domestic ethanol blending that has freed up fuel supplies for overseas markets, traders and analysts said.

This year, India's crude processing is expected to increase by 130,000 to 160,000 barrels per day to about 5.51 million bpd, with gasoline exports hitting a record high of around 400,000 bpd, according to consultancy Wood Mackenzie.

In July, European Union countries approved an 18th sanctions package against Russia over its war in Ukraine, with a lower price cap on Russian oil.

The rise in Indian exports is expected to help meet Europe's winter heating oil demand and support Indian refining margins, after refiners turned to discounted Russian crude.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is decommissioned under shutdown due to limitations in meeting required product specifications with the existing configuration.

(Reporting by Noel John and John Biju in Bengaluru; Editing by Sonia Cheema and Shreya Biswas)

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By Nidhi Verma

NEW DELHI, Aug 27 (Reuters) - India, the world's third-biggest oil importer and consumer and the largest buyer of Russian seaborne crude, is caught in the crossfire of diplomatic negotiations between Russia and the United States to end the war in Ukraine.

WHY HAS TRUMP IMPOSED ADDITIONAL TARIFFS ON INDIAN GOODS?

An additional 25% duty by President Donald Trump takes total tariffs on Indian goods to as much as 50% from Wednesday, among Washington's highest, in retaliation for New Delhi's increased buying of Russian oil.

White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop.

This month, Treasury Secretary Scott Bessent said India was profiteering from its sharply increased imports, making up 42% of total oil purchases, versus less than 1% before the war, a shift Washington has called unacceptable.

Trump's strategy is in a sharp contrast to the former Biden administration, which had welcomed India's Russian oil purchases in order to help keep global oil prices LCOc1, which hit a peak of $139 a barrel in 2022, in check.

WHY INDIA IS BUYING RUSSIAN OIL?

India and China have become the biggest Russian oil buyers since the Ukraine war broke out in 2022 and Western nations shunned energy imports from Moscow and imposed price caps on Russian oil trade. However, there is no blanket prohibition on the purchase of Russian oil if the deals meet parameters of the Western sanctions.

The Indian government aims to reduce its massive crude oil import bill and provide energy at affordable rates to its 1.4 billion citizens. Additionally, the import of discounted Russian oil has allowed India to diversify from more expensive Middle Eastern grades.

India has said its national interests will guide its energy import policies. The country imports over 85% of its total oil requirements for its refining capacity of 5.2 million barrels per day.

WILL INDIA CONTINUE TO BUY RUSSIAN OIL?

For now, India is unlikely to stop importing Russian oil due to energy security, people familiar with the matter said.

However, India's imports of Russian oil are expected to fall in September from August, after state refiners paused their purchases due to smaller discounts, according to LSEG trade flow data.

India's Russian oil imports are expected to remain subdued as state-refiners are not keen to buy at reduced discounts and are instead scouting for only distressed cargoes, said Indian refining sources.

Discounts for Russian Urals crude delivered to India have narrowed to about $2.50 per barrel to dated Brent, trade sources said, versus discounts of $20–$25 per barrel when the war began in February 2022.

India officials said it is difficult to replace Russian oil supplies as the cost of replacement barrels will rise significantly.

HOW MUCH OIL DOES INDIA BUY FROM RUSSIA?

India imported 1.73 million bpd of crude from Russia between January and July, accounting for more than a third of India’s total imports, trade data showed.

Previously, Russian oil made up only a small fraction of India’s overall imports due to logistical constraints, including costly and longer shipping routes.

India reduced its crude intake from Middle Eastern and African nations after increasing Russian imports.

WHO ARE THE TOP BUYERS OF RUSSIAN OIL IN INDIA?

Indian private refiners Reliance Industries RELI.NS and Nayara Energy are the top buyers of Russian oil. Reliance operates the world’s largest refining complex, while Nayara is majority owned by Russian entities, including Rosneft.

Reliance has a term contract with Rosneft ROSN.MM, India’s largest oil import deal with Russia. Together, the two companies account for about 60% of India’s total Russian oil imports.

In contrast, state-run refiners purchase Russian oil from the spot market on a delivered basis.

ALTERNATIVES TO RUSSIAN OIL

Indian companies have raised crude imports from the U.S. and the Middle East in recent months to replace Russian supply.

(Reporting by Nidhi Verma; Editing by Florence Tan and Lincoln Feast.)

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Adds China has stepped up purchases in paragraph 8

By Nidhi Verma

NEW DELHI, Aug 20 (Reuters) - India's state-run refiners Indian Oil IOC.NS and Bharat Petroleum BPCL.NS have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday.

The resumption in Russian oil imports by Indian state refiners could reduce supplies for top buyer China which had stepped up purchases during their absence.

The refiners halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil. President Donald Trump also threatened an additional 25% levy on Indian goods, effective August 27, to penalize New Delhi for its continued buying of the oil.

Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners, while China has stepped up purchases, the officials said.

In addition to Urals, IOC has also bought other Russian crude oil grades including Varandey and Siberian Light, they said.

Indian companies do not comment on their crude imports.

On Monday, IOC, the country's top refiner, told analysts that it would continue to buy Russian oil depending on economics.

In recent weeks, Chinese refineries bought 15 cargoes of Russian oil for October and November delivery, according to two analysts and one trader.

(Reporting by Nidhi Verma; Writing by Kashish Tandon; Editing by Sonia Cheema and Christian Schmollinger)

(([email protected]; 8800437922;))

** Bharat Petroleum BPCL.NS falls ~1% to 319 rupees

** State-run refiner's Q1 PAT more than doubles; rev from ops up 1.2%

** However, avg gross refining margin (GRM) plunges to $4.88/barrel from year-ago $7.86/barrel

** CLSA ("Hold"; PT: 330 rupees) says co "disappointed" on both refining and marketing; PAT below estimates

** Investec ("Hold"; PT: 330 rupees) says weak GRMs dragged earnings

** Stock rated "buy" on avg; median PT is 379, per data compiled by LSEG

** YTD, BPCL gains ~10%

($1 = 87.4150 Indian rupees)

(Reporting by Komal Salecha)

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Aug 13 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• BHARAT PETROLEUM CORP Q1 NET PROFIT 61.24 BILLION RUPEES; IBES EST. 57.18 BILLION RUPEES

• BPCL Q1 REVENUE FROM OPERATIONS 1.3 TRLN RUPEES

• BPCL AVERAGE GRM FOR QUARTER ENDED JUNE 30 AT $4.88 PER BARREL

Further company coverage: BPCL.NS

(([email protected];))

By Nidhi Verma

NEW DELHI, Aug 12 (Reuters) - India's state oil refiners will continue to use annual contracts to secure oil supplies and hedge against market volatilities as the future of cheap Russian purchases is in doubt, the oil ministry said in a report to parliament on Tuesday.

India has emerged as the leading buyer of Russian seaborne oil, which is sold at a discount after some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine.

However, U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, is threatening further levies due to India's Russian oil purchases. And state refiners are currently awaiting clarity from the government on whether to continue importing Russian oil.

"Increased imports of Russian crude into India may not last forever," the ministry said in a report responding to a parliamentary panel's questions that did not directly mention the United States or Trump's threatened tariffs.

The report said that state refineries were moving forward with all of their term contracts with other suppliers and regions to secure supply requirements.

Refiners consider factors including supply security, international politics and trade relations when finalising their procurement plans, it added.

"This approach ensures both energy security and the procurement of crude oil at optimal value," the report said.

India, the world's third-largest oil importer and consumer, relies on Russian crude for more than a third of its imports.

State refiners, which account for over 60% of the country's 5.2 million barrels per day of refining capacity, have paused purchases of Russian oil due to narrowing discounts. Private refiners Reliance Industries Ltd RELI.NS, Nayara Energy, and HPCL-Mittal Energy Ltd are continuing with their purchases.

Trump has made bringing an end to the war in Ukraine a priority of his administration. He is due to meet with his Russian counterpart Vladimir Putin, with whom he's had a tumultuous relationship, in Alaska on Friday as part of his efforts to secure a peace deal.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

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Recasts and writes through

By Nidhi Verma and Florence Tan

NEW DELHI/SINGAPORE, Aug 8 (Reuters) - Indian Oil Corp and Bharat Petroleum Corp, the country's biggest state refiners, have bought at least 22 million barrels of non-Russian crude for delivery in September and October, trade sources said, after U.S. pressured India to halt purchases from Russia.

Indian state refiners had been largely absent from the spot market since 2022, instead becoming one of the few purchasers of cheaper Russian crude after Russia's invasion of Ukraine. They paused Russian purchases in late July after pressure from U.S. President Donald Trump.

In its latest tender, IOC IOC.NS bought 2 million barrels of U.S. Mars crude, 2 million barrels of Brazilian grades and another 1 million barrels of Libyan crude on a delivered basis, the sources said.

BP BP.L sold the high-sulphur Mars crude cargo at $1.5-$2 a barrel above September Dubai quotes, they added.

European trader Petraco sold the 1 million barrels of Libyan Sarir and Mesla crude and Totsa, the trading arm of TotalEnergies TTEF.PA, sold the 2 million barrels of Brazilian Sepia and Sururu crude, the sources said. The prices for these cargoes were not immediately available.

Those deals follow IOC's purchase of 8 million barrels of September delivery crude from the Middle East, United States, Canada and Nigeria via tenders in the past week.

India's second biggest state refiner BPCL BPCL.NS bought 9 million barrels of oil through negotiations for September arrival, a source familiar with the purchases said.

That included 1 million barrels of Angola Girassol, 1 million barrels of U.S. Mars, 3 million barrels of Abu Dhabi Murban and 2 million barrels of Nigerian oil, he said.

Companies typically do not comment on crude deals citing confidentiality.

The arbitrage economics of sending Atlantic Basin grades to Asia have also improved for Asian refiners, supporting these purchases, the sources said.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Jacqueline Wong and Edwina Gibbs)

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By Nidhi Verma

NEW DELHI, Aug 6 (Reuters) - Indian refiners are awaiting government directions on whether to continue buying Russian oil after the United States decided to impose fresh 25% tariffs on Indian goods over New Delhi's energy ties with Russia, four industry sources said.

The new duties, aimed at penalising India for its Russian oil imports, come on top of existing tariffs Washington has levied to fix its trade deficit with the South Asian nation.

India said the latest U.S. action is "unfair, unjustified and unreasonable."

"So far, we have not been told anything by the government, so we will not stop Russian oil imports," said an official from a private refining company.

India, the world's third-largest oil importer and consumer, relies on Russian oil for more than a third of its oil needs.

While state refiners have paused imports of Russian oil, private companies Reliance Industries RELI.NS, Nayara Energy, and HPCL Mittal Energy (HMEL) continue to lift Russian oil.

U.S. President Donald Trump has criticised India's Russian oil purchases, arguing they help fund Moscow's war in Ukraine.

If forced to cut Russian imports, Indian refiners are expected to turn to suppliers in the Middle East, Africa and the Americas. Saudi Arabia, India's third-largest oil supplier, has already raised its official selling prices for Asia.

"In anticipation of higher Indian demand, they have kept the prices very strong," said a refining official in India, adding, the markets expect imposition of new tariffs to disrupt existing trade flows in favour of Middle Eastern crude.

The additional tariffs are set to take effect in 21 days.

Trump's executive order allows for modifications if Russia or India "align sufficiently with the United States on national security, foreign policy, and economic matters."

(Reporting by Nidhi Verma
Editing by Alexandra Hudson)

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Updates with India's justification of buying Russian oil

By Shivam Patel and Chandni Shah

NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter.

On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia.

But the sources said there would be no immediate changes.

"These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight."

Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector.

Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said.

The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy.

Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions.

However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia.

"On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said.

The White House did not immediately respond to requests for comment.

INDIA'S TOP SUPPLIER

Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks.

He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.

Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies.

India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources.

But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand.

Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum Corp BPCL.NS and Mangalore Refinery Petrochemical Ltd MRPL.NS have not sought Russian crude in the past week or so, four sources told Reuters.

Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ROSN.MM, and major buyer of Russian oil - was recently sanctioned by the EU.

Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.

(Reporting by Shivam Patel in New Delhi and Chandni Shah in Bengaluru; Additional reporting by Nidhi Verma and Mayank Bhardwaj; Editing by Raju Gopalakrishnan, Susan Fenton and Joe Bavier)

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July 25 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• BHARAT PETROLEUM CORPORATION LTD - CPCB DIRECTS BPCL TO DEPOSIT 10 MILLION RUPEES FOR NON-COMPLIANCE

• BHARAT PETROLEUM CORPORATION LTD - TO SEEK LEGAL VIEWS ON NEXT COURSE OF ACTION

• BHARAT PETROLEUM CORPORATION LTD - NO MATERIAL IMPACT ON BPCL'S FINANCIAL OR OPERATIONAL ACTIVITIES

Source text: ID:nBSE1wxLj4

Further company coverage: BPCL.NS

(([email protected];;))

July 22 (Reuters) - Indian refiners' crude throughput declined by 4.2% month-on-month in June to 5.41 million barrels per day (22.13 million metric tons), according to provisional government data released on Tuesday.

Refinery throughput in May was at 5.47 million barrels per day (23.11 million metric tons). On a year-on-year basis, refinery throughput fell 0.3%.

India's fuel consumption fell 4.7% in June from the previous month to 20.31 million metric tons, oil ministry data showed.

India is the world's third-biggest oil importer and consumer.

"Looking at the last years, refinery runs every year declined from May into June, likely driven by seasonally declining domestic oil demand due to the monsoon," said Giovanni Staunovo, an analyst at UBS.

Meanwhile, Oil Minister Hardeep Singh Puri said India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions.

U.S. President Donald Trump threatened to hit buyers of Russian exports with sanctions unless Russia agrees a peace deal over the conflict in Ukraine, potentially complicating Moscow's oil sales to China, India and Turkey.

India's monthly oil imports from Russia in June surged 17.4% to about 2 million barrels per day, data provided by trade sources showed.

India's state-run Oil and Natural Gas Corporation ONGC.NS is exploring building a 200,000-240,000 barrel-per-day refinery at Jamnagar in the western Indian state of Gujarat, a company source said last week.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Jan Harvey)

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July 10 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• BPCL CHAIR: CO WILL LOOK AT BUYING LPG FROM U.S. IF COMMERCIALLY VIABLE

• BPCL CHAIR: CO RECENTLY BOUGHT ANGOLA'S SAXI OIL, GHANA'S SANKOFA CRUDE FOR THE FIRST TIME

Source text: [ID:]

Further company coverage: BPCL.NS

(([email protected];))

July 1 (Reuters) -

• INDIA OIL MINISTER: HOPEFUL THAT FINANCE MINISTRY WILL RELEASE LPG COMPENSATION FOR STATE FUEL RETAILERS

Source text: [ID:]

Further company coverage: [ ]

(([email protected];;))

By Nidhi Verma

NEW DELHI, June 6 (Reuters) - India's two major private-sector refiners, which have long prioritised exports, are turning to local sales, grabbing share in the country's fast-growing $150 billion fuel retail market as weaker global demand squeezes profit margins offshore.

Reliance Industries RELI.NS and Nayara Energy are stepping up sales at home as fuel demand growth slows in developed markets and China, the world's second biggest oil consumer, with the transition to electric vehicles.

The lower demand offshore combined with supply competition from new refiners, such as Dangote in Nigeria, and rising exports from China's underutilised processors have compressed global refining margins and have made the Indian market, where suppliers save on freight and taxes, more attractive.

As a result, "private refiners are increasingly looking to supply to the domestic market, which is still growing at a healthy pace," said Prashant Vasisht, senior vice president at credit rating firm ICRA.

The International Energy Agency expects India will become the largest source of global oil demand growth out to 2030, in contrast with China, where fuel demand may have already peaked.

FGE analyst Dylan Sim said Indian gasoline consumption and diesel demand are on track to grow around 4% and 2% per year, respectively, over the next decade or so.

"Couple that with the market volatility and uncertainties seen in recent years, it makes sense for these private companies to try and diversify their businesses," Sim said.

PRIVATE PLANTS HOLD CRUDE ADVANTAGE

Offering discounts and growing their networks of big, modern stations featuring expansive retail offerings, private sector operators expanded their share of diesel sales to 11.5% and gasoline sales to 9.2% in the fiscal year that ended in March 2025, up from 5.2% and 6.7% respectively two years earlier, government data showed.

Reliance, controlled by billionaire Mukesh Ambani, and Nayara have a key advantage that allows them to undercut the dominant state-owned refiners at the pump. They can run cheaper crudes through their plants than their bigger rivals, which have simpler, aging refineries.

The two are the country's biggest buyers of discounted Russian crude, available since 2022.

While the private refiners do not publish their refining margins, analysts at Jefferies expect Reliance's margin to hold around $2 a barrel stronger than the benchmark Singapore refining margin due to its blending of cheaper Russian and Canadian crudes.

Reliance sells fuels through Jio-BP, its retailing tie-up with UK major BP BP.L which has 1,916 outlets in India.

Its domestic sales volumes of diesel rose by 35% and gasoline by 24% in the quarter ended in March from a year ago, Reliance told analysts in May, without specifying volumes.

Jio-BP plans to invest about 10 billion rupees ($117 million) annually to expand its local footprint in coming years as it sees a "long pathway" and growth in diesel demand in India through at least 2040, Vinod Tahiliani, chief financial officer at Reliance BP Mobility, told Reuters.

Jio-BP offers discounts of 1 rupee ($0.01) per litre of diesel and petrol off the price charged by state-owned retailers at its service stations.

Nayara, whose biggest shareholder is Russia's Rosneft, in April reintroduced discounts of 2-3 rupees per litre on gasoline and 1 rupee per litre on diesel. Selling through more than 6,500 fuel stations, it aims to add 400 this year, according to its website. Nayara did not reply to a request for comment.

State players Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS, which operate more than 90% of India's roughly 97,000 filling stations, have not cut pump prices as they seek to recoup losses on sales of cooking gas at government-fixed below-market rates, company sources say.

The three did not respond to Reuters' requests for comment.

SERVICE STATIONS GET CREATIVE

India, meanwhile, is expanding its highway network and auctioning large roadside plots for building fuel stations featuring a host of amenities for motorists.

Sukhmal Jain, who recently retired as head of marketing at BPCL, said state refiners are rapidly building their networks, including bidding for highway-side plots, and looking to offer services such as eateries, recreational areas and gym facilities in order to compete and boost sales.

The state retailers are also opening stores under a common brand name Apna Ghar, which means "Own House", with amenities such as dormitories, barbers, self-cooking facilities, laundry, and doctors on call for truckers who are on the road for more than 20-25 days a month, Jain said.

India's oil ministry said recently that Apna Ghar operates at 350 locations with 4,431 beds.

S.P. Singh, who manages a fleet of about 800 trucks and 150 trailers for New Delhi-based Chaudhary Transport, said his drivers are drawn to the amenities and cheaper fuel at private operators.

"They have convenience stores and cafes. Their staff is more responsive to customers and their toilets are clean," he said.

($1 = 85.7900 Indian rupees)

(Reporting by Nidhi Verma; Editing by Tony Munroe and Sonali Paul)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))

May 9 (Reuters) - Indian Oil (IOC) IOC.NS and Bharat Petroleum (BPCL) BPCL.NS said on Friday that the fuel retailers have ample stocks and their supply lines were operating smoothly as the conflict between India and neighbouring Pakistan intensified.

"IndianOil has ample fuel stocks across the country and our supply lines are operating smoothly. There is no need for panic buying—fuel and LPG is readily available at all our outlets," IOC said in a post on X.

Local media reports said panic buying broke out in parts of Punjab state, particularly in areas near the Pakistan border, where stockpiling was the most intense.

"Our supply chain operations remain robust and efficient, ensuring uninterrupted supplies," BPCL said in a statement.

Pakistan's armed forces launched multiple overnight drone and munitions attacks along India's western border on Thursday night and early Friday, the Indian army said.

(Reporting by Nidhi Verma and Manvi Pant; Editing by Sonia Cheema)

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By Nidhi Verma

NEW DELHI, May 2 (Reuters) - Indian fuel retailer Bharat Petroleum Corp Ltd BPCL.NS expects a net gain of $20 to $30 a metric ton on delivery of U.S. liquefied petroleum gas through swap deal with Middle Eastern suppliers, its head of finance said on Friday.

BPCL, India's second-biggest state refiner, is in talks with suppliers to swap contracted Middle Eastern cargo with U.S. supplies, Vetsa Ramakrishna Gupta told analysts.

A U.S.-China tariff war has widened the price gap between Middle Eastern and U.S. LPG and upended trade routes.

China has imposed duties on goods from the U.S. in response to tariffs imposed by the U.S. on imports from China.

"We are approaching suppliers. We see little bit of opportunity in terms of U.S. LPG. We are expecting a net benefit of $20 to $30 per ton," Gupta said.

Abu Dhabi National Oil Co is also replacing some of the LPG it supplies India with cheaper U.S. cargo from June, Reuters reported.

Cheaper U.S. LPG will help BPCL offset some of the 6.5 billion to 7 billion rupees ($77 million to $83 million) monthly revenue loss it suffers on the local sale of the cooking fuel at below market rates.

Gupta said he hopes the federal government will introduce a quarterly compensate scheme for refiners that incur a revenue loss on LPG sales.

India sources more than 80% of its LPG from the Middle East, including Saudi Arabia, the United Arab Emirates, Qatar and Kuwait, under annual contracts.

Gupta also said BPCL sees the share of Russian oil in crude processing at its three refineries rising to about 30% to 32% from 24% in January-March when U.S. sanctions disrupted supplies. He said BPCL is buying Russian crude at a discount of about $3 a barrel to Dubai benchmark.

BPCL is looking to build a refinery of either 180,000 barrels per day or 240,000 bpd in southern Andhra Pradesh state within four years of a final investment decision, which Gupta said he expects by the end of 2025.

($1 = 83.9850 Indian rupees)

(Reporting by Nidhi Verma; Editing by Christopher Cushing)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))