HINDPETRO

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];))

SINGAPORE/NEW DELHI, Sept 19 (Reuters) - Hindustan Petroleum Corp HPCL.NS has bought 2 million barrels of West African crude for end-October delivery, trade sources said on Friday.

The cargo of 1 million barrels each of Nigerian Bonny Light and Angolan Pazflor was sold by Shell, they said.

The price was not immediately available.

(Reporting by Florence Tan and Nidhi Verma; Editing by Jamie Freed)

(([email protected];))

Sept 16 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• INDIA GOVERNMENT SOURCE: NAYARA ENERGY IS SUPPLYING GASOLINE, GASOIL TO STATE REFINER HINDUSTAN PETROLEUM

• INDIA GOVERNMENT SOURCE: NAYARA ENERGY IS SUPPLYING GASOLINE, GASOIL TO STATE REFINER HINDUSTAN PETROLEUM

Further company coverage: HPCL.NS

(([email protected];))

Corrects spelling of Bathinda in headline

By Trixie Yap and Siyi Liu

SINGAPORE, Sept 9 (Reuters) - India's HPCL-Mittal Energy Ltd (HMEL) will raise the capacity of its Bathinda oil refinery in northern Punjab to 236,000 barrels per day by December from the current 226,000 bpd, a company official said on Tuesday.

"In December, we would have added a small capacity expansion, maybe 10,000 bpd, because the local demand is also growing in that range," Manu Sehgal, vice-president for strategy and feedstock supply at the APPEC 2025 conference.

HMEL plans to shut its refinery for 40 days from early November for maintenance and upgrading, two sources familiar with the plan said last month.

State-refiner Hindustan Petroleum and Mittal Energy Investments own a 49% stake each in the project.

(Reporting by Nidhi Verma; Editing by Christian Schmollinger)

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

LONDON, Sept 4 (Reuters) - West African crude oil differentials were stable on Thursday as traders awaited guidance on future price discovery from an OPEC meeting this weekend.

* West African crude price differentials have fallen under pressure recently from waning demand as Asian refineries enter autumn maintenance plans, however a floor has been provided by strong fuel refining margins, traders said this week.

* Traders are now looking ahead to an OPEC meeting this weekend, where eight OPEC+ members will consider further raising oil production, as the group seeks to regain market share.

* Nigeria is an OPEC member state, Angola left the group at the start of 2024.

* Traders were also awaiting price discovery this week from fresh buy tenders from Indian Oil Corp, Hindustan Petroleum Corp and Indonesia's Pertamina are running this week, but results were slow to surface.

* In refining news, the gasoline unit at Nigeria's 650,000 barrels-per-day Dangote refinery may be shut for 2-3 months for repairs, industry monitor IIR Energy told clients on Thursday.

* In upstream news, oil and gas company Afentra has signed a framework agreement for its first operated license offshore Angola in a block with proven resources, the London-listed company said on Thursday.

(Reporting by Robert Harvey, Editing by Louise Heavens)

(([email protected]; +447552256587;))

NEW DELHI, Aug 29 (Reuters) - Indian explorer Oil and Natural Gas Corporation ONGC.NS said on Friday its refining units will continue to buy Russian oil if available at economical prices.

"There is no sanctions on Russian oil as of now. We will continue to buy unless the government decides otherwise," said A K Singh, chairman of ONGC.

ONGC's two units Hindustan Petroleum Corporation Ltd HPCL.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS regularly buy Russian oil for their refineries.

(Reporting by Nidhi Verma; Editing by Arun Koyyur)

(([email protected]; X: @MukherjeeHritam;))

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]))

NEW DELHI, Aug 26 (Reuters) - India's state-run Oil and Natural Gas Corp (ONGC) ONGC.NS is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said at an industry event.

ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets.

The plan is at a preliminary stage and "an internal group has been formed to discuss and look into the modalities, including legal issues," said Rajarshi Gupta, managing director at ONGC Videsh.

The trading unit will help ONGC look at sales and purchase of crude oil and refined fuels.

ONGC annually produces about 42 million tonnes of oil, while its refining subsidiaries Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals MRPL.NS together import about 45-50 million tonnes.

"We control about 100 million tonnes of oil within the group," said Gupta.

(Reporting by Nidhi Verma; Editing by Janane Venkatraman)

(([email protected]; +918447554364;))

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) - Indian state refiners have started making enquiries with trading firms about purchases of Russia's Urals crude oil as discounts widen, three people with knowledge of the matter said on Thursday, ahead of a high-profile meeting of U.S. and Russian leaders on Friday.

Indian state refiners - Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum Corp BPCL.NS and Mangalore Refinery Petrochemical Ltd MRPL.NS - paused Russian oil purchases last month as discounts narrowed.

(Reporting by Nidhi Verma; Editing by Florence Tan and and Tomasz Janowski)

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

NEW DELHI, Aug 7 (Reuters) - India is likely to be among the countries worst hit by U.S. President Donald Trump's trade offensive, with tariffs on Indian imports set to surge to 50% if a deal is not struck in three weeks.

Below are various options for India to deal with the crisis.

NEGOTIATE FURTHER

India was expected to be among the first countries to sign a trade deal with Trump's team, but talks fell through after five rounds of negotiations over disagreements on opening India's vast farm and dairy sectors and stopping Russian oil purchases.

New Delhi has reacted strongly to the 50% tariff on U.S. imports from India, which could virtually stall trade. Still, Indian officials are hopeful that closed-door talks will address some differences. A U.S. trade team is expected to visit the Indian capital later this month.

But Prime Minister Narendra Modi said on Thursday, without referring to the tariffs, that he was ready to "pay a heavy price" for not compromising on the well-being of the country's farmers, dairy sector and fishermen.

Indian officials, however, have said they are open to cutting tariffs for some U.S. farm and dairy goods like almond and cheese.

CUT RUSSIAN OIL IMPORTS

India, the world's third-biggest oil importer and consumer, previously said it was confident of meeting its oil needs from alternative sources if imports from Russia become impractical due to sanctions or other reasons. It bought little Russian oil before the Ukraine war that began in 2022, but now gets more than a third of its oil imports from its old trade and defence partner.

Reuters reported late last month that Indian state refiners such as Indian Oil IOC.NS, Hindustan Petroleum HPCL.NS, Bharat Petroleum BPCL.NS and Mangalore Refinery Petrochemical MRPL.NS had stopped buying Russian oil as discounts narrowed and pressure from Trump mounted. Officials have, however, warned of spikes in global prices without Russian oil in the market.

Besides Russia, other big suppliers to India are Iraq, Saudi Arabia and the United Arab Emirates under annual deals with the flexibility to request more supply every month.

In total, India buys from about 40 countries, including the United States.

BAND TOGETHER WITH FELLOW DEVELOPING COUNTRIES

Along with India, the other big target of Trump's tariffs is Brazil. The two countries are founding members of the BRICS bloc that also includes China, Russia and South Africa.

Brazilian President Luiz Inácio Lula da Silva, who holds the presidency of BRICS, told Reuters that he would call Modi on Thursday and China's Xi Jinping and other leaders afterwards to discuss the bloc's response to the tariffs.

One Indian government source said India needs to gradually repair ties with the U.S. while engaging more with other nations that have faced the brunt of Trump's tariffs and aid cuts, including the African Union and BRICS.

India is already making some forays with Russia and China.

Ahead of Russian President Vladimir Putin's expected visit to New Delhi this year, India's national security adviser is in Moscow and the foreign minister is due to follow. On Tuesday, Russia said the two countries discussed further strengthening defence cooperation "in the form of a particularly privileged strategic partnership".

India has also boosted engagement with China, a change after years of tensions following a deadly border clash in 2020. Modi is set to visit China in weeks for the first time since 2018 for the summit of a regional security conference, which could see the coming together of Modi, Putin and China's Xi Jinping.

The Indian defence and foreign ministers visited China recently.

WHAT ARE THE CONSEQUENCES FOR INDIA IF TALKS FAIL?

India exported goods of around $87 billion in the fiscal year ended March 2025 to the U.S., including garments, pharmaceuticals, gems and jewellery, and petrochemicals. They account for about 2% of India's GDP.

If the proposed 50% duty on Indian goods is enforced, pharmaceutical exports — subject to a different duty structure - may be the only products still shipped from India to the U.S.

And it's not just trade that will be in the firing line.

Analysts expect tensions to spill over to areas like work visas for tech professionals and the offshoring of services. India has long been a major beneficiary of U.S. visa programmes and the outsourcing of software and business services, a sore point for Americans who have lost jobs to cheaper workers in India.

(Reporting by Krishna N. Das, Nidhi Verma, Manoj Kumar and Aftab Ahmed in New Delhi; Editing by Raju Gopalakrishnan)

(([email protected]; https://x.com/krishnadasassam;))

By Nidhi Verma and Mohi Narayan

NEW DELHI, Aug 6 (Reuters) - India's exports of refined fuel are in the spotlight after last month's European Union sanctions while U.S. President Donald Trump has threatened a tariff hike over its oil purchases from Russia.

The South Asian nation became the top buyer of Russian seaborne crude after Moscow's 2022 invasion of Ukraine. Private refiners Reliance Industries RELI.NS and Nayara are Russia's top Indian oil clients, trade data shows.

India's state refiners have stopped Russian oil purchases as the discounts narrowed and Trump warned countries not to by Moscow's oil, industry sources said. From January 21, the EU will stop direct imports of fuels made from Russian oil.

Here are details of fuel exports from India's two big private refiners.

NAYARA ENERGY

Nayara, recently sanctioned by the European Union, exported nearly 3 million tons of refined fuel in the first half of 2025, data from trade sources showed, or 30% of its total output.

Swiss-based trader Vitol was the top buyer of refined products from Nayara, including diesel and gasoline, for discharge in the United Arab Emirates and West Africa, the data showed.

Other buyers included Aramco Trading, Shell SHEL.L, and BP BP.L.

Nayara was forced to cut output at its 400,000-barrel-per-day refinery at the western port of Vadinar due to difficulties in securing ships for exports after the sanctions, Reuters reported.

The refiner, majority-owned by Russian entities including oil major Rosneft ROSN.MM, sells about 70% of its refined fuels in India through more than 6,600 retail outlets, it said in a Delhi court filing.

RELIANCE INDUSTRIES

Reliance, operator of the world's largest refining complex at Jamnagar, is a much bigger exporter.

Controlled by billionaire Mukesh Ambani, Reliance exported 21.66 million tons of refined products in the first six months of 2025 to buyers such as BP BP.L, Exxon Mobil XOM.N, GlencoreGLEN.L, Vitol and Trafigura, the data showed.

Europe takes the biggest chunk, or 28%, of Reliance's exports, according to the data analysed by Reuters.

The table shows exports by Nayara Energy and Reliance Industries between January and June 2025, according to data obtained from sources. Units are 1,000 tons.

Note: Totals may not tally due to rounding-off.

(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Clarence Fernandez)

(([email protected]; X: @nidhi712 Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.))

Aug 4 (Reuters) - ADNOC Gas PLC ADNOCGAS.AD:

• ADNOC GAS PLC - ADNOC GAS SIGNS 10-YEAR LNG SUPPLY AGREEMENT WITH HINDUSTAN PETROLEUM CORPORATION

• ADNOC GAS PLC - LONG-TERM AGREEMENT COVERS DELIVERY OF 0.5 MMTPA LNG

Source text: [ID:]

Further company coverage: ADNOCGAS.AD

(([email protected];))

Repeats story with no changes to text

By Nidhi Verma and Mohi Narayan

NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.

Nayara, majority-owned by Russian entities including oil major Rosneft ROSN.MM, runs India's third-biggest refinery and exports refined products and also supplies them domestically.

Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints.

India-based Seven Islands Shipping Ltd SEVI.NS and Great Eastern Shipping Co GESC.NS (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters.

Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said.

The sources declined to be named as they were not authorised to speak to the media.

Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them " unjust and unilateral ".

Seven Islands and GESCO did not immediately respond to requests for comment.

Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed.

Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp HPCL.NS, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd MRPL.NS, sources said.

The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said.

HPCL and Sanmar did not immediately respond to requests for comment.

India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022.

Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there.

Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft MSFT.O after the U.S. software giant suspended services to the firm.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi; Additional reporting by Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe, Bernadette Baum and Joe Bavier)

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

Recasts, adds details on ships, details from paragraph 7

By Nidhi Verma and Mohi Narayan

NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.

Nayara, majority-owned by Russian entities including oil major Rosneft ROSN.MM, runs India's third-biggest refinery and exports refined products and also supplies them domestically.

Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints.

India-based Seven Islands Shipping Ltd SEVI.NS and Great Eastern Shipping Co GESC.NS (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters.

Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said.

The sources declined to be named as they were not authorised to speak to the media.

Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them " unjust and unilateral ".

Seven Islands and GESCO did not immediately respond to requests for comment.

Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed.

Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp HPCL.NS, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd MRPL.NS, sources said.

The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said.

HPCL and Sanmar did not immediately respond to requests for comment.

India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022.

Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there.

Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft MSFT.O after the U.S. software giant suspended services to the firm.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi; Additional reporting by Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe, Bernadette Baum and Joe Bavier)

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

SINGAPORE, July 28 (Reuters) - Middle East crude benchmark spot premiums of Oman and Dubai held steady on Monday, while that of Murban extended declines after hitting a near six-month peak last week.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS has bought two Azeri Light crude cargoes from Trafigura for September delivery via a tender, trade sources said on Monday, a rare purchase of the grade for the Indian refiner.

The price for the 650,000-barrel cargoes was not immediately clear.

The purchase came after the grade's spot premiums slipped to their lowest level in four years following quality issues.

India's Hindustan Petroleum Corp HPCL.NS bought a total of four million barrels of West African crude last month, trade sources said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps was unchanged at $2.93 a barrel.

PRICES ($/BBL)

NEWS

An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.

India's crude oil imports in June fell 4.7% month-on-month to 20.32 million metric tons, the lowest level since February, government data showed on Monday.

Russia's daily oil exports from its western ports are set to be around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July's plan, amid the expected rise in refinery runs, Reuters calculations based on data from two sources show.

Saudi Arabia, the world's biggest oil exporter, may hike crude oil prices for Asian buyers for the second month in a row, with September prices set to hit five-month highs on tight supply and robust demand, refining sources said.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Vijay Kishore)

(([email protected];))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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];))

SINGAPORE, July 21 (Reuters) - India's Hindustan Petroleum Corp (HPCL) has issued a tender seeking 10 cargoes of liquefied natural gas (LNG) for delivery from March 2026 to December 2027 to its Chhara import terminal in western India, two industry sources said on Monday.

HPCL is seeking one cargo per month for delivery in March, April, October and November in 2026, and in February, April, June, August, October and December in 2027, added one of the sources.

The tender closes on July 21.

(Reporting by Emily Chow; Editing by Himani Sarkar)

(([email protected]; Reuters Messaging: [email protected]))

By Nidhi Verma

NEW DELHI, July 8 (Reuters) - India plans to source about 10% of its cooking gas imports from the U.S. beginning in 2026 as part of a broader effort to boost energy purchases to narrow its trade gap with Washington, four industry refining sources familiar with the matter said.

The world's third biggest oil importer and consumer relies heavily on Middle Eastern producers of liquefied petroleum gas (LPG), with more than 90% of its roughly 20.5 million metric tons of imports in 2024 coming from the region.

LPG is a mix of propane and butane used for 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.

India had rarely bought U.S. LPG in the past due to higher freight costs, but state retailers began buying U.S. LPG in May after China imposed retaliatory import tariffs on U.S. propane.

India plans to eliminate import tax on U.S. propane and butane used for making LPG, sources previously told Reuters.

India has pledged to increase U.S. energy purchases by $10 billion to $25 billion in the near future and the two nations in February agreed to target $500 billion in bilateral trade by 2030.

India's import of U.S. oil has more than doubled this year, data obtained from sources showed.

"We are looking to the U.S. as a reliable alternative source of both crude and LPG. We need to diversify our sources of LPG," said one of the sources who declined to be named because he was not authorised to speak to media.

India has been diversifying its crude oil suppliers to reduce geopolitical risks and support its growing refining capacity. However, its LPG suppliers remain concentrated in the Middle East, typically purchased on a free-on-board (FOB) basis.

Chinese import tariffs on U.S. propane, currently at 10%, have opened up arbitrage opportunities for Indian buyers, further incentivising a shift toward U.S. cargoes, a second source said.

"We would prefer to import from the U.S. on a delivered basis to mitigate freight risks — similar to how we already buy U.S. crude," he said.

Indian state refiners are seeing annual LPG demand growth of about 5% to 6%, with total imports projected to rise to 22 million tonnes to 23 million tonnes by 2026, two of the sources said.

India's oil ministry and the three state fuel retailers did not immediately respond to requests for comment.

Pricing will be key to determining the exact volume of U.S. LPG imports, a third industry source said.

The International Energy Agency expects India's LPG demand to grow at an average of 2.5% between 2024 and 2030, reaching 1.2 million barrels per day, or roughly 37.7 million tonnes.

(Reporting by Nidhi Verma; Editing by Tony Munroe and Kate Mayberry)

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

SINGAPORE, July 4 (Reuters) - For tenders of crude and oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders closed)

(Reporting by Jeslyn Lerh; Editing by Rashmi Aich)

(([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];;))

June 26 (Reuters) - Indian refiners' throughput in May rose 0.4% year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday.

Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons).

India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons.

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

"What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at UBS.

The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed.

India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.

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 Anmol Choubey in Bengaluru; Editing by Sonia Cheema)

(([email protected];))

By Nidhi Verma

MEERUT, INDIA, June 20 (Reuters) - Indian state fuel retailer Hindustan Petroleum Corp Ltd (HPCL) HPCL.NS aims to invest about 20 billion rupees ($231.04 million) in the next two to three years to set up 24 compressed biogas (CBG) plants, a company official said on Friday.

India, among the world’s largest greenhouse gas emitters, is exploring the use of organic waste to produce cleaner fuels as part of its efforts to reduce carbon emissions and achieve its 2070 net-zero target.

HPCL Renewable and Green Energy Ltd, an HPCL subsidiary that is executing the project, has already set up two plants and would set up 24 more plants with a daily capacity to produce 10-15 tons each of CBG using agriculture residue, cattle dung and sewage water, among others, said Mohit Dhawan, chief executive of the subsidiary company.

Since April, India has mandated mixing gas used to run automobiles and cooking gas with 1% of CBG.

This would be gradually raised to 5% by 2028-2029, said Vikas Singh, a director in the federal oil ministry.

He said about 28 million cubic meters a day (MMSCMD) of gas is daily used to run automobiles and in cooking.

"We expect this to rise to 44 MMSCMD by 2028-29" Singh said, adding by that time India would have 480 CBG plants, including 195 by state oil and gas companies.

India at present meets nearly half of its gas needs through imports of costly liquefied natural gas (LNG). India wants to raise use of gas in its energy mix to 15% by 2030 from the current 6%.

($1 = 86.5650 Indian rupees)

(Reporting by Nidhi Verma; Editing by Harikrishnan Nair)

(([email protected]; https://twitter.com/_mohi_;))

SINGAPORE, June 9 (Reuters) - Middle East crude benchmarks Dubai, Oman and Murban climbed for a second straight session on Monday to their highest in about a week.

Refiners are awaiting July crude allocation from Saudi Aramco 2222.SE before deciding on incremental purchases for August-loading cargoes.

Separately, ADNOC cut the premium for Upper Zakum's official selling price (OSP) to 10 cents a barrel for July, down from 30 cents in the previous three months.

Indian refiner HPCL HPCL.NS issued a tender seeking West African crude, a trader said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 21 cents to $1.21 a barrel.

PRICES ($/BBL)

NEWS

China's crude oil imports fell in May to their lowest daily rate in four months, data showed on Monday, as planned maintenance picked up at state-owned and independent refiners.

Rising OPEC+ supplies and new streams of oil coming online globally are increasing options for European and Asian refiners and weighing on export demand for light sweet U.S. crude, contributing to lower prices in the country's main oil-producing regions.

India's fuel demand rose to 21.32 million metric tons in May to register its highest in more than a year, Oil Ministry data showed on Friday.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Florence Tan
Editing by David Goodman
)

(([email protected]; Reuters Messaging: [email protected]))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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 7 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL EXEC: EXPECTS TO BEGIN CRUDE PROCESSING AT 9 MTPA RAJASTHAN REFINERY IN 2025

• HPCL EXEC: HOPES TO COMMISSION CRUDE UNIT AT RAJASTHAN REFINERY BY OCT 1

• HPCL EXEC: EXPECTS TO START PETCHEM UNIT AT RAJASTHAN REFINERY IN JAN 2026

• HPCL EXEC: RAJASTHAN REFINERY COULD GIVE GRM OF $20/BBL

• HPCL EXEC: CURRENT REVENUE LOSS ON RETAIL SALE OF LPG IS 150-170 RUPEES PER 14.2 KG CYLINDER

• HPCL EXEC: TARGETS TO COMMISSION RESIDUE UPGRADE UNITS AT VIZAG REFINERY IN JULY-SEPT QTR

• HPCL EXEC: BUYS 5-6 CARGOES OF RUSSIAN OIL IN A MONTH

• HPCL EXEC: PROCESS ABOUT 35% RUSSIAN OIL AT ITS REFINERIES

Source text: [ID:]

Further company coverage: HPCL.NS

(([email protected];))

May 6 (Reuters) - Indian state-run refiner Hindustan Petroleum Corp (HPCL) HPCL.NS reported a rise in fourth-quarter profit on Tuesday, aided by higher marketing margins.

Standalone net profit rose 18% to 33.55 billion rupees (about $398 million) in the quarter ended March 31.

HPCL's average gross refining margin - the profit from making refined products from one barrel of oil - rose to $8.44 per barrel for the reported quarter from $6.95 per barrel a year ago.

For further results highlights, (click here).

KEY CONTEXT

India saw mixed demand for fuel in the January to March quarter, with overall demand falling in two of the three months and LPG demand rising for the most of the fourth quarter.

HPCL's marketing segment posted a 2.7% growth in domestic sales, surpassing the industry average of 2.4%, it said in a statement.

Last month, peer IOC reported a jump in quarterly profit on inventory gains, booked as a result of rising oil prices during the refining and shipping process.

Analysts said the cost of crude oil - used by refiners as raw material - fell in the quarter, helping rise in 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 = 84.3100 rupees

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; +918447554364;))

April 30 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• CO AND ADNOC TRADING SIGN LNG SUPPLY AGREEMENT

• LNG TO BE RECEIVED AT CHHARA LNG TERMINAL

Source text: ID:nBSEbc48cq

Further company coverage: HPCL.NS

(([email protected];))