HINDPETRO

Jan 29 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• NO NEGOTIATIONS ON VENEZUELAN CRUDE OIL PROCUREMENT

Source text: ID:nBSEb7FzH

Further company coverage: HPCL.NS

(([email protected];))

GOA, India, Jan 27 (Reuters) - India's state-run Hindustan Petroleum Corp Ltd HPCL.NS is seeking Venezuelan crude for the first time as the refiner plans to increase heavy oil processing in the new fiscal year starting April, Chairman Vikas Kaushal said on Tuesday.

Indian refiners are considering importing Venezuelan crude, which is being offered by Vitol and Trafigura under a U.S.-mandated sale after Washington captured Venezuelan President Nicolas Maduro earlier this month.

"We are trying to build more flexibility in our system as we have two new facilities, so we can raise heavy crude processing," Kaushal told reporters on the sidelines of the Indian Energy Week conference, referring to its residue upgradation facility at Vizag and the Barmer refinery.

"We are looking for Venezuelan oil, something we have not processed in the past."

The firm hopes to start crude processing at its 180,000 barrels-per-day (bpd) Barmer refinery in Rajasthan by the end of the month, making it India's second-largest state-run refiner, behind Indian Oil Corp IOC.NS, replacing Bharat Petroleum Corp BPCL.NS.

HPCL recently bought Brazilian Tupi crude and increased its processing of West African oil, Kaushal added.

"We are not touching sanctioned Russian crude," he said.

HPCL operates a 190,000 bpd Mumbai refinery in western Maharashtra state and a 300,000 bpd Vizag refinery in southern Andhra Pradesh.

It also holds 48.99% stake in HPCL-Mittal Energy Ltd, which operates the 226,000 bpd Bathinda refinery in northern Punjab state. HPCL Mittal is raising the Bathinda refinery capacity by 10,000 bpd, it said.

(Reporting by Nidhi Verma; Writing by Florence Tan; Editing by Harikrishnan Nair)

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Jan 22 (Reuters) - Abu Dhabi National Oil Co [RIC:RIC:ADNOC.UL]:

• HPCL EXEC: EXPECTS REFINED FUEL PRODUCTION FROM RAJASTHAN REFINEY IN FEB

• HPCL EXEC: PRICING OF LNG UNDER LONG TERM DEAL WITH ADNOC LINKED TO BRENT

• HPCL EXEC: WILL EVALUATE VENEZUELA CRUDE BUY

Source text: [ID:]

Further company coverage: ADNOC.UL

(([email protected];))

Repeats to more clients without change to the original text

By Nidhi Verma and Siyi Liu

NEW DELHI/SINGAPORE, Jan 21 (Reuters) - Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.

India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, but the trade drew backlash from Western nations targeting Russia's energy sector with sanctions, saying oil revenues help it fund the war.

The shift away from Russia comes as Middle East producers, armed with higher output quotas from the Organization of the Petroleum Exporting Countries, are keeping global markets well-supplied, softening the impact on prices.

INDIA REFINERS SCALE BACK RUSSIAN BUYS

Indian refiners have begun scaling back Russian oil purchases following discussions at a government meeting to help accelerate a U.S.-India trade deal, three refining sources said.

The oil ministry's Petroleum Planning and Analysis Cell is collecting weekly data on refiners' purchases of Russia and U.S. crude, sources told Reuters this month.

In the latest change, state refiner Bharat Petroleum Corp BPCL.NS awarded one-year tenders to buy Iraqi Basrah and Omani crude to trader Trafigura and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, said the sources, who sought anonymity.

From April, Trafigura will supply four cargoes of Oman crude every quarter at 75 cents a barrel below Dubai quotes and one parcel of Basrah Medium at a discount of 40 cents a barrel to the grade's official selling price, said two traders.

BPCL and India's oil ministry did not respond to Reuters requests for comments.

DOUBLING OF IMPORT TARIFFS A PUNISHMENT FOR RUSSIA BUYS

The United States, already seeking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year to punish it for heavy purchases of Russian oil.

State-run Hindustan Petroleum HPCL.NS, Mangalore Refinery and Petrochemicals MRPL.NS and private refiners HPCL-Mittal Energy Ltd have already stopped buying Russian oil.

India's Russian oil imports fell to their lowest in two years in December, while OPEC's share of imports hit an 11-month high, trade data showed.

Apart from the Middle East, Indian refiners have also increased purchases from regions such as Africa and South America.CRU/TENDA

Indian refiners have also boosted purchases of U.S. oil to partly replace Russian oil and narrow the trade deficit with Washington, while also scouting for Venezuelan oil.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu, Florence Tan in Singapore; Editing by Tom Hogue, Thomas Derpinghaus and Clarence Fernandez)

(([email protected]; X: @nidhi712;))

Jan 20 (Reuters) - Major Gulf stock markets were mixed in early trade on Tuesday, as investors awaited corporate earnings and weighed weaker oil prices, while the Saudi index slipped on profit-taking after its recent rally.

Saudi Arabia's benchmark index .TASI eased 0.1% after a 3.3% rally triggered by the government's announcement last week that it would liberalise capital market access for foreign investors, starting next month.

Also weighing on the index was a 0.3% fall in Al Rajh Bank 1120.SE and a 0.4% slide in Saudi National Bank 1180.SE, the kingdom's biggest lender by assets.

Meanwhile, oil prices - a catalyst for the Gulf's financial markets - were little changed as traders weighed President Donald Trump's tariff threats against Europe linked to his push to buy Greenland, while a softer dollar and stronger-than-expected data from top importer China helped support prices.

In Abu Dhabi, the index .FTFADGI lost 0.1%, with ADNOC Gas ADNOCGAS.AD falling 0.3%.

Abu Dhabi Islamic Bank ADIB.AD - the emirate's largest sharia-compliant lender - dropped 0.2%, ahead of its fourth-quarter earnings release due on Wednesday.

In other news, India signed a $3 billion LNG deal with the UAE on Monday, making it the UAE's top customer. ADNOC Gas will supply Hindustan Petroleum HPCL.NS 0.5 million metric tons per year for 10 years as both countries move to deepen trade and defence ties.

Dubai's main share index .DFMGI gained 0.4%, led by a 1% rise in utility firm Dubai Electricity and Water Authority DEWAA.DU and a 0.3% increase in blue-chip developer Emaar Properties EMAR.DU.

The Qatari index .QSI edged 0.1% higher, helped by a 0.8% rise in petrochemical maker Industries Qatar IQCD.QA. Qatar Gas Transport QGTS.QA added 0.5%, ahead of its earnings announcement later in the day.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

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NEW DELHI, Jan 19 (Reuters) - India and the United Arab Emirates agreed to double bilateral trade to $200 billion in six years and strengthen defence ties during talks between Prime Minister Narendra Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan held in New Delhi on Monday.

The two sides also witnessed the finalisation of a 10-year agreement for the supply of 0.5 million metric tons of LNG by Abu Dhabi state oil firm ADNOC to India's Hindustan Petroleum Corp Ltd HPCL.NS, India's Foreign Secretary Vikram Misri told reporters.

(Reporting by Shivam Patel in New Delhi
Editing by Tomasz Janowski)

(([email protected];))

Jan 7 (Reuters) - For tenders of crude and other 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)

(([email protected];))

Jan 5 (Reuters) - For tenders of crude and other 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)

(([email protected];))

Adds SberBank details; paragraphs 11,12

By Nidhi Verma and Shivam Patel

NEW DELHI, Dec 2 (Reuters) - Russian President Vladimir Putin starts a two-day visit to India from Thursday, pitching for more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defence ties hit by U.S. pressure on the South Asian nation.

Russia has supplied arms to India for decades, with New Delhi emerging as its top buyer of seaborne oil despite Western sanctions after Moscow launched its invasion of Ukraine in February 2022.

But India's crude imports are set to hit a three-year low this month, after the tightening of sanctions on Russia that coincide with its growing purchases of U.S. oil and gas.

On his first visit in four years to the Indian capital for a summit with Prime Minister Narendra Modi, Putin will be accompanied by his defence minister, Andrei Belousov, and a wide-ranging delegation from business and industry.

"Putin's visit offers an opportunity for Delhi to reassert the strength of its special relationship with Moscow, despite recent developments, and make headway in new arms deals," said Michael Kugelman of the Atlantic Council think tank in Washington.

New initiatives were likely to be announced, he added, even if they mostly related to low-hanging fruit in ties.

THE TRUMP FACTOR

But Indian officials worry that any fresh energy and defence deals with Russia could trigger a reaction from U.S. President Donald Trump, who doubled tariffs to 50% in August on Indian goods, as punishment for New Delhi's purchases of Russian crude.

Ahead of Putin's visit, officials of both sides held talks in areas from defence to shipping and agriculture. In August, they agreed to launch talks for a free trade deal between India and the Russian-led Eurasian Economic Union.

They are also in talks to expand their partnership in civilian nuclear energy, Indian analysts have said.

Putin's delegation includes the chief executives of dominant Russian lender Sberbank SBER.MM and state arms exporter Rosoboronexport, as well as the heads of sanctioned oil firms Rosneft and GazpromNeft GZNPI.MM, an industry source with direct knowledge of the matter said.

Ahead of the visit, Sberbank said it was interested in investing in Indian infrastructure projects making use of rupees, in which a big chunk of two-way trade is settled.

India CEO Ivan Nosov said Sberbank was also extending rupee loans to Russian exporters and local units to boost Indian sales of Russian products.

Moscow is likely to seek India's help to get technical equipment for its oil assets, as sanctions have choked access to key suppliers, said the industry source and a separate Indian government source.

The spoke on condition of anonymity as the matter is a sensitive one.

India is likely to pitch for the restoration of a stake of 20% for state gas explorer ONGC Videsh Ltd in the Sakhalin-1 project in Russia's far east, the government source added.

India hopes to sign a U.S. trade deal by year end, as most of its refiners have stopped buying Russian oil, though widening discounts are now drawing in some state refiners.

The sources sought anonymity as they were not authorised to speak to media.

INDIA LOOKS TO RUSSIA FOR DEFENCE SPARES

Unlike crude, India does not plan to freeze defence ties with Moscow anytime soon as it requires support for the many Russian systems it operates, Defence Secretary Rajesh Kumar Singh said last week.

Russian Sukhoi-30 jets make up the majority of India's 29 fighter squadrons and Moscow has also offered its most advanced fighter, the Su-57, which is likely to figure in this week's talks, said two Indian officials familiar with the matter.

India has not yet made a decision on buying the jet, said the officials, who spoke on condition of anonymity.

But India is likely to discuss buying more units of the S-400 air defence system, Singh said last week.

Recent U.S.-Russia talks to end the Ukraine war could help make it easier for Indian officials to engage with Moscow, said Harsh Pant, head of foreign policy studies at India's Observer Research Foundation think tank, though ties appear strained.

"A large part of the trading relationship was based on energy, which is now losing traction under the threat of sanctions from the United States," he added.

"And at the end of the day, only defence remains, which continues to bind the two together."

(Reporting by Nidhi Verma and Shivam Patel; Editing by Clarence Fernandez)

(([email protected]; X: @nidhi712;))

Dec 1 (Reuters) - Indian refiners' crude throughput rose by 6.8% month-on-month in October to 5.50 million barrels per day (22.50 million metric tons), provisional government data showed on Monday.

Refinery throughput in September was at 5.15 million barrels per day (21.07 million metric tons).

On a year-on-year basis, refinery throughput gained 5.6% in October.

India's fuel consumption hit a five-month high in October, with demand rising 7.7% from September to 20.17 million metric tons, oil ministry data showed on Friday.

India's crude oil imports rose nearly 9% in October to 20.28 million metric tons month-on-month, their highest level since April, government data showed on Thursday.

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

Indian refiners had paused purchases of Russian oil after Washington sanctioned two major Russian crude exporters, as they awaited government guidance and sought spot-market alternatives, industry sources said in late October.

On October 22, U.S. President Donald Trump imposed Ukraine-related sanctions on Russia's largest oil companies, Lukoil and Rosneft ROSN.MM.

However, top refiner Indian Oil Corp IOC.NS then bought five cargoes of Russian oil for December delivery from non-sanctioned entities, traders said, despite U.S. pressure on New Delhi to curb imports.

India's crude oil imports from Russia are expected to have risen slightly in October from a month earlier, according to preliminary ship-tracking data from Kpler and OilX.

India became the top buyer of seaborne Russian crude after Moscow's 2022 invasion, importing 1.9 million bpd in the first nine months of 2025, about 40% of Russia's exports, according to the International Energy Agency.

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 Pablo Sinha in Bengaluru;)

(([email protected];))

LONDON, Nov 14 (Reuters) - Northwest European gasoline profit margins fell by $1.70 to $23.34 a barrel on Friday after rising in the previous session, despite concerns around supply shortages.

• A total of 10,000 metric tons of Eurobob E5 gasoline barges traded as Equinor, Sahara and Trafigura sold to TotalEnergies, Varo, ExxonMobil and Shell.

• No Eurobob E10 gasoline barges traded in the session.

• China's Sinochem has shut one of the crude units at its Quanzhou site in southeastern China, following a fire incident on Thursday, trade sources said on Friday.

• This in part led to Asia's gasoline profit margins GL92-SIN-CRK rallying to the highest level since August 2023.

• Russia's Saratov oil refinery on the Volga river stopped primary oil refining on November 11 following Ukrainian drone attacks, two industry sources said. It produced 1.2 million tons of gasoline in 2024.

• Its Black Sea port of Novorossiysk temporarily suspended oil exports — equivalent to 2% of global supply — according to industry sources, after a Ukrainian missile and drone attack.

• Meanwhile, Britain paused sanctions that will allow Bulgaria's Burgas refinery and related petrol stations, owned by Russia's Lukoil LKOH.MM, to keep doing business with companies and banks until February 14.

• The U.S. is expected to issue a similar licence regarding the Bulgarian entities later today, a source close to the matter told Reuters.

  ​

(Reporting by Seher Dareen in London; Editing by Alan Barona)

(([email protected]; +44-7771341740;))

Adds background

SINGAPORE/NEW DELHI, Nov 10 (Reuters) - Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.

Hindustan Petroleum Corp HPCL.NS has bought 2 million barrels each of U.S. West Texas Intermediate crude and Abu Dhabi's Murban crude for January arrival, they said.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS has bought one million barrels of Basra Medium crude for January 1-7 delivery, they said.

The identity of the sellers and pricing details were not immediately known.

Indian refiners are scouting for alternatives after U.S. President Donald Trump imposed sanctions on Rosneft ROSN.MM and Lukoil LKOH.MM, Russia’s two largest oil companies, in an attempt to pressure President Vladimir Putin to end the war in Ukraine.

MRPL has paused purchase of Russian oil due to the risks involved, a company source said last month.

HPCL, which has cut its intake of Russian oil in the last few months, has also paused imports from Russia.

(Reporting by Siyi Liu and Florence Tan in Singapore, Nidhi Verma in New Delhi; Editing by Tom Hogue and Eileen Soreng)

(([email protected];))

LONDON, Nov 3 (Reuters) - Northwest European gasoline profit margins were down just 2 cents a barrel at $16.49 on Monday.

• A total of 8,000 metric tons of Eurobob E5 gasoline barges were traded as Varo and Equinor sold to TotalEnergies, Exxon and MB Energy.

• Another 3,000 tons of Eurobob E10 gasoline barges changed hands with Trafigura selling to Varo.

• Ukraine's military said on Monday it hit an oil refinery in Russia's Saratov region overnight, adding that a successful strike and resulting fire had been recorded on one of the refining facilities.

• Turkey's largest oil refineries are buying more non-Russian oil in response to the latest Western sanctions on Russia, two people with direct knowledge of the matter and several industry sources told Reuters.

• Nigeria's Dangote Petroleum Refinery, Africa's largest oil refinery, is ramping up output to meet national petrol and diesel demand, after the government approved a new import tariff on fuel aimed at protecting domestic production.​

• EU and UK gasoline and blending component exports to other regions averaged 923,000 bpd in October, according to Kpler data, compared with 948,000 bpd in September.

​

(Reporting by Seher Dareen in London; Editing by Sahal Muhammed)

(([email protected]; +44-7771341740;))

LONDON, Oct 30 (Reuters) - Northwest European gasoline profit margins dipped by about $1.91 a barrel to $16.44 on Thursday despite a fall in stockpiles.

• A total of 19,000 metric tons of Eurobob E5 gasoline barges were traded as Exxon and Glencore sold to Trafigura, Varo and TotalEnergies.

• Another 6,000 tons of Eurobob E10 gasoline barges in total changed hands with Trafigura selling to BP and Varo.

• Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by around 8% on the week, data from Dutch consultancy Insights Global showed on Thursday.

• Lukoil LKOH.MM said on Thursday it had accepted an offer from global commodity trader Gunvor to buy its foreign assets, which Russia's second-largest oil company is seeking to sell after Washington imposed sanctions on it last week.

• Meanwhile, a ship carrying Russian naphtha has been stuck off India's western coast, unable to unload, since October 26 after U.S. sanctions on two key suppliers disrupted Indian oil and fuel imports, traders said and shipping data confirmed.​

• EU and UK gasoline and blending component exports to other regions have averaged 1.01 million bpd in October, according to preliminary Kpler data, compared with 928,000 bpd in September, making this month's exports potentially the highest since May this year.

​

(Reporting by Seher Dareen in London; Editing by Shreya Biswas)

(([email protected]; +44-7771341740;))

Oct 29 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL-MITTAL ENERGY: STOPPED PURCHASING RUSSIAN OIL AFTER LATEST SANCTIONS

• HPCL-MITTAL ENERGY: WILL CONTINUE TO REVIEW ITS POSITION AND COMPLY WITH GOVERNMENT POLICY AND APPLICABLE LAWS

Further company coverage: HPCL.NS

(([email protected];))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

Oct 28 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

U.S. and EU sanctions on Russia's top oil producers have heaped pressure on India's refiners, especially Reliance Industries RELI.NS.

The golden run of discounted Russian barrels that boosted their profits and margins may be coming to an end. Can they cope with the new reality? That's our focus this week.

And, Reliance is also rushing to ship battery component orders out of China. Scroll down for more on that.

THIS WEEK IN ASIA

Trump praises Japan's 'great' female leader in talks on trade, critical minerals

As Trump-Xi trade talks near, investors turn to history as a guide

China and ASEAN, hit by US tariffs, sign upgraded free trade pact

Luxury brands turn on the charm in China to kindle nascent spending recovery

Robot dogs and AI drone swarms: How China could use DeepSeek for an era of war

SCOUTING FOR NEW SUPPLY SOURCES

The latest U.S. sanctions on Russia's top energy producers Rosneft ROSN.MM and Lukoil LKOH.MM have put Indian refiners in a bind.

For the past three years, India's oil processors have thrived on discounted Russian barrels that boosted their refining margins, profits, and share prices. Now, as the U.S. and Europe tighten curbs on Moscow's exports, those windfall gains may fade.

New Delhi has so far publicly resisted U.S. pressure to halt buying Russian oil, arguing that it was vital to its energy security. But it is now weighing whether trimming Moscow's barrels could buy relief from President Donald Trump's 50% tariffs on India's goods exported to the U.S.

That has left the refiners exposed, but at least for now, they are putting up a brave front.

Reliance, India's largest refiner, said it will "address these conditions while maintaining relationships with its suppliers".

The company, which has a long-term deal to buy nearly 500,000 barrels per day from Rosneft, is reassessing those arrangements after Washington's move. The U.S. has given companies until November 21 to wind down transactions with Rosneft and Lukoil.

Reliance plans to stop importing oil from Rosneft and is scouting for alternative supplies from the Middle East and Brazil.

State-run refiners, including Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS, are poised to sharply cut Russian oil supplies.

With discounts on Russian barrels already shrinking from as much as $25 to barely $2-$2.50 a barrel due to Ukraine's attacks on Russia's oil infrastructure, India's refiners face a squeeze on the margins that powered their robust profits. Costlier Middle Eastern or Brazilian supplies will lift input costs, especially for private players such as Reliance whose pricing is aligned to global benchmarks.

Reliance's imports from Rosneft account for a major portion of India's Russian oil purchases, and its Jamnagar complex is one of the few capable of processing a wide range of crude grades.

"Any hit to Russian supplies will increase its participation (in the spot market) and that would tighten the spot market and raise prices. They are a giant player," said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal.

The ripple effect could raise India's import bill, tighten competition for similar grades in Asia, and strain fuel pricing at home.

"While India can substitute purchases from Russia with suppliers from the Middle East and other regions, the import bill for crude oil would increase," said Prashant Vashisth, vice president at Moody's affiliate ICRA Ltd.

Read this commentary by Reuters' Ron Bousso on how Trump's India squeeze will push Russian oil further into the shadows.

RACING AGAINST SANCTIONS DEADLINES

The European Union's new rule, which bans imports of fuel refined from Russian crude processed within 60 days of shipment, adds another layer of complexity. Europe accounts for a large chunk of Reliance's diesel and aviation fuel exports.

Meanwhile, a White House official said that Indian refiners are already cutting Russian oil imports by 50%. Indian sources said the cut was not yet visible, though it could show up in import numbers for December or January.

Refiners had already placed orders for November loading that included some cargoes for December arrival, multiple sources said.

For now, refiners are expected to keep some barrels flowing through intermediaries. But as sanctions tighten and the EU's January 21 deadline approaches, even indirect trade could become riskier.

Can the Indian refiners ride out this rough phase? Write to me at [email protected]

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

MARKET MATTERS

Rattled by nearly $17 billion in foreign outflows this year, India is fast-tracking financial reforms to shore up investor confidence and strengthen its banking and capital markets.

The government and regulators are rolling out reforms to ease capital access, attract overseas funds, and boost domestic participation.

India is planning to allow direct foreign investment in state-run banks of up to 49%, more than double current limits, a source said.

Foreign investors have sold nearly $17 billion net in Indian equities this year, making India the worst-hit Asian market in terms of foreign portfolio withdrawals.

Read this in-depth analysis by Reuters journalists Jayshree P Upadhyay, Jaspreet Kalra and Gopika Gopakumar.

THIS WEEK'S MUST-READ

Apart from scrambling to rejig its Russian oil contracts, Reliance Industries is now facing another challenge - this time from China.

Mukesh Ambani's conglomerate is rushing to ship battery component orders out of China before Beijing's new export curbs take effect on November 8.

A Reliance team has travelled to China to speed up the process, amid uncertainty over how strictly Beijing will enforce its widening export-control regime. The new rules require companies to seek approval before exporting battery-manufacturing equipment - part of China's bid to protect its dominance in the global electric battery industry.

Read this exclusive report by Reuters journalists Lewis Jackson and Aditi Shah.

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

(([email protected]; +91 70456 55251))

Oct 27 (Reuters) - Hindustan Petroleum Corp Ltd HPCL.NS:

• HPCL - SOURCED 54.6 MT OF CRUDE OIL FROM HOECL

• HPCL - CRUDE OIL CAUSED OPERATIONAL ISSUES AND CORROSION

Source text: ID:nBSE3c9gZT

Further company coverage: HPCL.NS

(([email protected];))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Oct 17 (Reuters) - A decline in corporate bond yields in secondary market after a dovish monetary policy, encouraged three state-run firms to raise about 77.50 billion rupees ($880.5 million) through bonds sale, three merchant bankers aware of the matter said on Friday.

State-run Hindustan Petroleum (HPCL) HPCL.NS plans to raise around 50 billion rupees, while Bharat Petroleum (BPCL) BPCL.NS plans to raise around 20 billion rupees.

Both the oil-marketing companies would look to issue bonds of around five-year maturity over the coming days, the bankers added.

Meanwhile, North Eastern Electric Power Corp (NEEPCO), a wholly-owned subsidiary of NTPC NTPC.NS would look to raise around 7.50 billion rupees through bonds maturing in five to eight years.

While BPCL tapped the market six months ago, NEEPCO and BPCL had raised funds via debt issues in May 2024 and March 2023 respectively.

"NEEPCO had been waiting for the central bank policy for a long time, and should be the first one to go among the three," one of the bankers said.

None of the companies responded to Reuters emails seeking a comment, while bankers requested anonymity as they are not authorised to speak to media.

Earlier this month the Reserve Bank of India, maintaining status quo on policy rates, said lower inflation has opened up policy space to support growth.

Drop in retail inflation to eight-month low and expectations of a record low reading in October have further cemented bets of a December rate cut.

Bond markets have rallied and the AAA-rated shorter duration corporate bond yields declined by 6-10 basis points, per data compiled by LSEG.

Corporate bond issuances slowed down in September, but are expected to pick up this month onward, as easing yields will likely encourage issuers and investors, bankers added.

($1 = 88.0190 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

(([email protected];))

By Nidhi Verma

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

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

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

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

Indian officials are currently in Washington for trade talks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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SINGAPORE, Oct 14 (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

(Reporting by Jeslyn Lerh;)

(([email protected]))

SINGAPORE, Oct 13 (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