BPCL

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)

(([email protected];))

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.)

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

Aug 20 (Reuters) - Indian state-run refiners Indian Oil IOC.NS and Bharat Petroleum BPCL.NS have resumed the purchase of Russian flagship grade Urals for September delivery as discounts widened to about $3 per barrel and as China raised purchases, officials at the refiners who are aware of the matter said.

The refiners had halted purchases in July due to narrowed discounts.

(Reporting by Nidhi Verma; Editing by Sonia Cheema)

(([email protected]; 8800437922;))

By Nidhi Verma

NEW DELHI, Aug 14 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS has awarded a five-month tender to buy 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington.

India, the world’s third-largest oil importer, is increasing imports from the United States amid ongoing trade negotiations.

(Reporting by Nidhi Verma
Editing by Tomasz Janowski)

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

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)

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

Rewrites paragraph 1, adds details in paragraphs 2-4

MUMBAI/NEW DELHI Aug 8 (Reuters) - India has approved 300 billion rupees ($3.4 billion) compensation to oil marketing companies for losses incurred in selling subsidised cooking gas, Information and Broadcasting Minister Ashwini Vaishnaw said on Friday.

The compensation, approved by Prime Minister Narendra Modi's cabinet, would be paid to state-run Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS in 12 tranches, according to a government statement.

It will allow state-run oil companies to continue crude procurement, debt servicing, and sustaining capital expenditure, the statement said.

"As gas prices are impacted by geopolitics, the subsidy will insulate the country's middle-class families from any negative impact," Vaishnaw said at a briefing.

The government also allocated 120.6 billion rupees towards a scheme to provide subsidised cooking gas connections to women from nearly 100 million poor households.

($1 = 87.6880 Indian rupees)

(Reporting by Sudipto Ganguly and Nikunj Ohri; editing by YP Rajesh and Mrigank Dhaniwala)

(([email protected];))

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)

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

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)

(([email protected];))

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)

(([email protected];))

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)

(([email protected]; +918447554364;))

May 2 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS

• BPCL EXEC: PROCESSED 24% OF RUSSIAN OIL IN MARCH QUARTER

• BPCL EXEC: GETTING SUFFICIENT CARGOES OF RUSSIAN OIL NOW

• BPCL EXEC: LOOKING TO SET UP EITHER 9 MTPA OR 12 MTPA REFINERY IN SOUTHERN ANDHRA PRADESH STATE

• BPCL EXEC:HOPES TO SET UP ANDHRA REFINERY IN 48 MONTHS FROM INVESTMENT DECISION EXPECTED IN END 2025

• BPCL EXEC: GETTING RUSSIAN OIL AT A DISCOUNT OF $3 PER BARREL

• BPCL EXEC: SEES CRUDE OIL HOVERING BELOW $70 A BARREL

• BPCL EXEC:EXPECTS GOVERNMENT TO FORM MECHANISM FOR QTRLY SETTLEMENT OF REVENUE LOSS ON LPG SALES AT DISCOUNTED RATES

• BPCL EXEC: PEGS FY26 CAPEX AT 200 BILLION RUPEES, 250 BILLION RUPEES FOR FY27, 300 BILLION RUPEES FOR FY28

• BPCL EXEC: PURCHASE OF RUSSIAN OIL BY TURKEY, SYRIA HAS REDUCED AVAILABILITY FOR INDIAN BUYERS

• BPCL EXEC: HOPES TO PROCESS 32%-34% RUSSIAN OIL IN COMING QUARTERS

• BPCL EXEC: EXPLORING BUYING US LPG CARGOES THROUGH SWAP OF MIDDLE EAST CARGOES

• BPCL EXEC: SEES GAIN OF $20-$30 PER METRIC TON ON US LPG PURCHASE

Further company coverage: BPCL.NS

(([email protected];;))

April 29 (Reuters) - India's state-run refiner Bharat Petroleum Corp (BPCL) BPCL.NS reported a smaller-than-expected fourth-quarter profit decline on Tuesday, helped by a dip in crude oil prices.

Standalone net profit fell 24% to 32.14 billion rupees (about $377 million), while analysts expected 29.70 billion rupees, as per data compiled by LSEG. Revenue from operations fell 4% to 1.27 trillion rupees.

Lower crude prices benefit refiners, as they boost refining margins -the profit from making refined products from one barrel of oil.

For further earnings highlights, (click here).

KEY CONTEXT

BPCL, the country's third-largest oil refiner by capacity, along with peers Indian Oil IOC.NS and Hindustan Petroleum HPCL.NS have been hurt by losses in the cooking gas or LPG segment as the government kept domestic LPG prices unchanged. While overall fuel demand fell in two of the three months, LPG demand was higher for most of the quarter.

Analysts said the cost of crude oil - used by refiners as raw material - fell in the quarter, helping cushion the blow from LPG losses. In the quarter, international benchmark Brent crude prices fell 8.4% on-year to $75 per barrel, as per Systematix Research.

BPCL's average gross refining margin was $6.82 per barrel for the year ended March 31, compared to $14.14 per barrel a year ago. It did not report quarterly margins.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG
-- $1 = 85.2130 rupees

(Reporting by Manvi Pant in Bengaluru; Editing by Eileen Soreng)

(([email protected]; +918447554364;))

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

• BHARAT PETROLEUM CORPORATION LTD - SIGNS JV AGREEMENT WITH GPS RENEWABLES FOR CBG PLANTS

• BHARAT PETROLEUM CORPORATION LTD - JV COMPANY SHAREHOLDING PATTERN: BPCL 50%, GPS 50%

Source text: ID:nBSE4KTQjV

Further company coverage: BPCL.NS

(([email protected];;))

April 9 (Reuters) - Sembcorp Industries Ltd SCIL.SI:

• BPCL AND SEMBCORP SIGN JV AGREEMENT TO BOOST GREEN HYDROGEN TRANSITION AND RENEWABLE ENERGY IN INDIA

Further company coverage: SCIL.SI

(([email protected];))

April 8 (Reuters) - Indian refiner Bharat Petroleum Corp BPCL.NS on Tuesday signed a joint venture agreement with Singapore's Temasek-backed Sembcorp SCIL.SI to develop green hydrogen and renewable energy projects across India.

The joint venture will also consider projects in green ammonia production and bunkering, emissions reduction for port operations as well as other green fuel technologies, the companies said.

WHY IT'S IMPORTANT

The deal comes at a time when India is looking to reduce its reliance on fossil fuels and boost investments in renewable energy to meet its target of having at least 500 gigawatts (GW) capacity of clean energy by 2030.

CONTEXT

State-run oil refiners such as BPCL are increasingly forging partnerships to pivot from fossil fuels toward greener alternatives.

Sembcorp earlier this year signed a deal with the eastern Indian state of Odisha to develop a green hydrogen plant and industrial park.

BY THE NUMBERS

India is aiming to produce 5 million tonnes of green hydrogen per annum by 2030, a process that will require 125 GW of renewable energy.

The country is targeting at least 500 GW of non-fossil power capacity by 2030, up from the current 165 GW.

Sembcorp India Energy, the Indian arm of Sembcorp, operates a wind and solar portfolio of around 5.8 GW across the country.

($1 = 85.9000 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Shreya Biswas)

(([email protected];))

By Nidhi Verma

NEW DELHI, April 7 (Reuters) - India's state run Bharat Petroleum Corp BPCL.NS has awarded a 4-month tender to import one million barrels of U.S. crude per month from June to trader Glencore, two sources aware of the deal said.

The refiner will get one million barrels of West Texas Intermediate crude every month, the sources said.

BPCL did not immediately respond to Reuters request for comments.

BPCL often buys U.S. oil for its three refineries, which have a combined capacity of 706,000 barrels per day of crude.

(Reporting by Nidhi Verma; Editing by Kim Coghill)

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

Adds Qatar is top LNG supplier to India in paragraph 2

By Nidhi Verma and Manoj Kumar

NEW DELHI, March 28 (Reuters) - India is considering a proposal to scrap import tax on U.S. liquefied natural gas (LNG) to boost purchases and help cut the trade surplus with Washington, a key irritant for President Donald Trump, four government and industry sources said.

The United States is India's second biggest supplier but the two sides are looking to ramp up volumes for India's energy-hungry economy, one of the fastest growing in the world. Qatar is the top LNG supplier to India.

During Prime Minister Narendra Modi's U.S. visit last month, India pledged to increase U.S. energy purchases by $10 billion to $25 billion in the near future, while both leaders agreed to target $500 billion in bilateral trade by 2030.

Scrapping the import tax would make U.S. LNG more price competitive, and help trim India's trade surplus with the U.S., another government source said. The surplus totalled $45.4 billion last year.

"We are considering ending the imports tax on U.S. LNG under the bilateral trade agreement, similar to our model with the UAE," one of the sources familiar with the matter said.

India currently imposes a 2.5% basic customs duty and an additional 0.25% social welfare tax on LNG, but tax is not levied on supplies from the United Arab Emirates (UAE) and Australia under bilateral agreements.

The sources spoke on condition of anonymity due to the senstivity of the talks. India's oil and finance ministries did not immediately respond to emailed requests for comment.

Unlike Canada and the European Union, India is actively seeking to appease the Trump administration as it ratchets up pressure on trading partners, and is open to cutting tariffs on over half of U.S. imports worth $23 billion, Reuters reported earlier this week.

Also, China's 15% import tax imposed last month on LNG imports from the U.S. could divert trade of the super-chilled fuel to India, where the International Energy Agency expects a 60% jump in gas use between 2023 and 2030, with imports of LNG doubling over that period.

BIG LNG BUYER

India, the world's fourth-biggest LNG importer, imported 25.9 million tonnes of LNG worth about $14.2 billion in the first 11 months of the current fiscal year to March 31, government data showed.

LNG imports are on track to average about 27-28 million tonnes in this fiscal year, with U.S. supplies accounting for 20%-25% of that, a third source said.

India's U.S. LNG imports are driven by state-run GAIL (India) Ltd's GAIL.NS long term deals with U.S. companies to buy 5.8 million tons of LNG annually.

GAIL has also said it would revive plans to buy a stake in a U.S. LNG plant or secure a long-term U.S. LNG deal after Washington lifted a ban on export permits for new projects, part of Trump's agenda to maximise U.S. energy development.

Indian companies including GAIL, Indian Oil Corp IOC.NS, and Bharat Petroleum Corp BPCL.NS are talking to U.S. companies for additional LNG sourcing, Oil Secretary Pankaj Jain said last month.

India's oil ministry has asked companies to raise energy imports, wherever possible, a government source said.

Apart from LNG, India can also raise U.S. imports of petrochemicals, ethane, propane and butane, the source said.

(Reporting by Nidhi Verma and Manoj Kumar
Editing by Tony Munroe, William Maclean)

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Corrects paragraph 14 to say India's foreign ministry did not respond to a request for comment

By Nidhi Verma

NEW DELHI, March 27 (Reuters) - Saudi Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, several Indian sources with direct knowledge of the matter said.

India, the world's third-biggest oil consumer and importer, wants to become a global refining hub as Western companies cut crude processing capacity in their shift to cleaner fuels.

Meanwhile, Saudi Arabia's share of India's oil imports has declined as refiners that have invested billions of dollars in upgrading their plants diversify crude sources to tap cheaper alternatives, including from Russia.

Aramco is in separate talks to invest in Bharat Petroleum Corp's (BPCL) BPCL.NS planned refinery in the southern state of Andhra Pradesh and a proposed Oil and Natural Gas Corp (ONGC) ONGC.NS refinery in western Gujarat state, the sources said.

Aramco, BPCL and ONGC did not immediately respond to requests for comment.

Both Indian firms are state-controlled.

While ONGC's Gujarat refinery plans are at a nascent stage, BPCL's chairman said in December that it aimed to invest $11 billion in its Andhra Pradesh refinery and petrochemical project.

Two refinery sources said separately that the projects would proceed regardless of whether Aramco invests.

"It all depends on the proposal that Aramco gives," one of them said.

Sources said state-controlled Aramco proposes to supply oil equivalent to three times its stake in each project, and wants to sell its share of production either in India or by export.

"We want flexibility in crude procurement. If we give them 30% stake, they want to supply crude equivalent to 90% of the capacity, which is not possible," the second refinery source said.

Other details, including potential investment size and the configuration of the planned refineries, were not immediately available.

Indian Prime Minister Narendra Modi plans to visit Saudi Arabia in the second quarter, and the two countries will attempt to reach an agreement before the visit, said a third source with knowledge of the matter.

India's foreign ministry did not respond to a request for comment.

Aramco has long been scouting for refining opportunities in India.

In 2018 it joined a consortium of Indian companies to build a 1.2 million barrels per day refinery and petrochemical project in western India and in 2019 it signed a non-binding agreement for a 20% stake in Reliance Industries' RELI.NS oil to chemical business.

However, the huge refinery project has been delayed by difficulties over procuring land and the deal with Reliance was called off due to differences over valuation.

In January, Indian Oil Minister Hardeep Singh Puri said India would look to set up three refineries of 400,000 bpd each.

(Reporting by Nidhi Verma. Additional reporting by Shivam Patel in New Delhi and Yousef Saba in Dubai. Editing by Mark Potter)

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Adds detail

March 25 (Reuters) - Indian refiners' throughput in February fell 4.5% year on year to 5.12 million barrels per day (21.67 million metric tons), provisional government data showed on Tuesday.

Refinery throughput in January was at 5.61 million barrels per day (23.74 million metric tons).

India's crude oil imports fell 9.9% month on month to 19.10 million tons in February, the lowest since November 2024, according to government data released on Thursday, while February fuel demand fell 5.4% from the same month last year.

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

Meanwhile, U.S. exports of crude oil to India last month climbed to their highest in more than two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

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 Rahul Paswan in Bengaluru
Editing by David Goodman)

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NEW DELHI/SINGAPORE, March 24 (Reuters) - Indian refiners will issue fewer tenders for crude oil purchases on the spot market in the coming months, company sources said on Monday, as Russian supplies bounce back from sanctions-related disruptions.

Indian state refiners had all but stopped issuing spot tenders before this year as they gorged on Russian oil that has sold at a discount since some Western nations halted purchases and hit Moscow with sanctions over its 2022 invasion of Ukraine.

But in January, the U.S. Treasury toughened its measures targeting Moscow's energy sector, slapping sanctions on 183 vessels that had been shipping Russian oil.

Companies operating in India, including Indian Oil Corp IOC.NS and state-run Bharat Petroleum Corp BPCL.NS, turned to the spot market in their scramble to replace the disrupted Russian supplies.

Three sources with Indian refiners, however, told Reuters that their companies planned to begin issuing fewer spot tenders as traders have again begun offering Russian oil shipped with non-sanctioned tankers.

The sources asked not to be named as they were not authorised to speak to journalists.

March saw imports of Russian oil to India - the world's third-biggest oil importer - return nearly their previous levels following a 3-month decline, as cargo deliveries resumed and some supplies were diverted from Turkey.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Joe Bavier)

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By Nidhi Verma

NEW DELHI, March 7 (Reuters) - Indian state refiner Bharat Petroleum Corp BPCL.NS plans to float a 4-month tender next week to buy U.S. West Texas Intermediate (WTI) crude, a person familiar with the matter said on Friday, as it eyes cheaper oil from the world's top producer.

The refiner will be seeking one million barrel of WTI every month for arrival from May or June for four months, the source said.

BPCL did not respond to Reuters request for comments.

The Indian refiner last year awarded a similar tender to European major BP BP.L.

BPCL often buys U.S. oil for its three refineries, which have combined capacity to process 706,000 barrels per day of crude.

India's imports of U.S. oil last month climbed to their highest in over two years, ship tracking data show, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and shippers.

India is planning to raise its energy imports from the U.S. to $25 billion in the near future from about $15 billion last year.

The U.S. exported about 357,000 bpd crude to India, the world's third biggest oil importer and consumer, in February, ship tracking data from Kpler showed. That compared with exports of about 221,000 bpd last year.

(Reporting by Nidhi Verma
Editing by Tomasz Janowski)

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By Arathy Somasekhar

HOUSTON, March 6 (Reuters) - U.S. exports of crude oil to India last month climbed to their highest in over two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

The U.S. exported about 357,000 barrels per day (bpd) of crude to India, the world's third-biggest oil importer and consumer, in February, ship tracking data from Kpler showed. That compared with exports of about 221,000 bpd last year.

The jump in exports to India underscores how multiple rounds of sanctions imposed by Washington on ships and entities dealing with oil from Iran and Russia since October are disrupting trade with major importers of their oil.

India said last month its energy purchases from the U.S. could go up to $25 billion in the near future from $15 billion last year.

"Indian refiners are trying to diversify their crude supplies, especially light-sweet barrels," said Rohit Rathod, a senior analyst with ship tracking firm Vortexa.

"Sanctions on Russian vessels that came in recently only pushed Indian buyers to look elsewhere," he added.

About 80% of the crude exported to India was light sweet West Texas Intermediate-Midland crude, according to the data.

Top buyers included Indian Oil Corp IOC.NS, Reliance Industries RELI.NS and Bharat Petroleum Corp BPCL.NS, according to the data, while top sellers in the U.S. included oil producer Occidental Petroleum OXY.N, majors Equinor EQNR.OL and Exxon Mobil XOM.N and trading house Gunvor GGL.UL.

The companies did not immediately reply to requests for comments or declined to comment.

The U.S. also exported a record 656,000 bpd of crude to South Korea in February, as a 10% tariff on U.S. oil by China rerouted flows.

Exports to China from the United States eased to 76,000 barrels per day, among the lowest volumes in the last five years.

(Reporting by Arathy Somasekhar in Houston; Editing by Liz Hampton and Marguerita Choy)

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Feb 21 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• NSE: BPCL AND BRITANNIA INDUSTRIES BEING EXCLUDED FROM NIFTY 50

• NSE: JIO FINANCIAL SERVICES AND ZOMATO BEING INCLUDED IN NIFTY 50

• NSE: CHANGES IN NIFTY 50 STOCKS SHALL BECOME EFFECTIVE FROM MARCH 28

Source text: [ID:]

Further company coverage: BPCL.NS

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By Mohi Narayan

NEW DELHI, Feb 14 (Reuters) - India will be a bright spot for petrochemical demand in 2025 even as global consumption lags supply, amid rising demand for electric vehicle parts, solar panels and household appliances, industry executives said on the sidelines of India Energy Week conference.

"We are seeing good local demand in the sectors like propylene where our company operates," Bharat Petroleum's BPCL.NS director of refineries Sanjay Khanna said.

Indian Oil IOC.NS Chairman A S Sahney said demand is expected to remain resilient this year.

Petrochemicals are used in key building blocks for a variety of goods such as plastics, paints, and pharmaceuticals.

Ganesh Gopalakrishnan, TotalEnergies's TTEF.PA global head of petrochemical trading, said there is good demand from the automobile sector while white goods consumption is recovering.

However, global petrochemical margins are expected to stay depressed for a few more years amid weak demand from top petrochemical consumer China and excess supply from new Chinese and Middle Eastern plants.

"The industry is waiting for China to announce its big incentive plan in March," said TotalEnergies's Gopalakrishnan, adding that this could spur China's demand and improve global petrochemical margins.

Refiners in India have been insulated from losses because they produce their own petrochemical feedstock naphtha, margins have been negative in the last 3-4 years for standalone plants which rely on imported feed, said Pankaj Srivastava, an analyst at consultancy Rystad Energy.

Meanwhile, investments continue to pour into India. The country is expected to receive $87 billion worth of investments in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said last year.

He said India consumes 25 to 30 million metric tons of petrochemical products annually, and the chemical and petrochemicals sector, currently valued at $220 billion, is expected to grow to $300 billion by 2025.

Companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production.

Petronet LNG is setting up a petrochemical complex of 750,000 metric tons-per-year (tpy) propane dehydrogenation unit and 500,000 tpy polypropylene unit in the western state of Gujarat.

"The downturn in petchems has always been cyclical and we hope margins will recover in next three years," Petronet LNG Chief Executive Akshay Kumar Singh said.

(Reporting by Mohi Narayan; Editing by Florence Tan and Michael Perry)

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

• BPCL - SIGNS STRATEGIC TERM CONTRACT WITH TOTALENERGIES TRADING ASIA FOR MIDDLE EASTERN CRUDE SUPPLY

• BPCL - CONTRACT IS VALID FOR ONE YEAR FROM APRIL 2025 TO MARCH 2026

Further company coverage: BPCL.NS

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