IOC

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.))

Adds Trump comments in paragraph 3, context, detail on tender throughout; changes media identifier

SINGAPORE/NEW DELHI, Aug 4 (Reuters) - Indian Oil Corp IOC.NS has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.

India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine.

Its main refiners paused buying Russian oil last week as discounts to other suppliers narrowed after Trump threatened hefty tariffs on imports from countries that make any such purchases, Reuters reported last week. Indian government officials denied any policy change.

On Monday, Trump said on Truth Social he would substantially raise the import levy on Indian goods, accusing the country of not only buying massive amounts of Russian oil but "they are then, for much of the Oil purchased, selling it on the Open Market for big profits".

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 trade sources.

IOC, India's largest refiner, bought crude via a tender from the United States, Canada and the Middle East for September arrival, the trade sources said on Monday. They declined to be named because they were not authorised to speak to the media.

The refiner bought 4.5 million barrels of U.S. crude, 500,000 barrels of Western Canadian Select (WCS) and two million barrels of Das oil produced in Abu Dhabi, the sources said.

The higher-than-normal purchases are partly to replace Russian barrels, two of the sources said.

Indian state refiners - IOC, Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum Corp BPCL.NS and Mangalore Refinery Petrochemical Ltd MRPL.NS - had not sought Russian crude in the past week or so, Reuters reported last week.

Indian companies do not comment on oil purchases.

In IOC's tender that closed on Friday, P66 P66.N and Equinor EQNR.OL will each ship 1 million barrels of U.S. West Texas Intermediate Midland crude while Mercuria will ship 2 million barrels of the same grade, the sources said. Vitol will deliver 1 million barrels of WTI Midland and WCS, they added.

Trafigura will deliver 2 million barrels of Das.

Prices for the deals were not immediately available.

U.S. criticism of India's oil purchases from Russia sharpened after New Delhi and Washington failed to reach an agreement on a trade deal, prompting the Trump administration to levy a 25% import tariff on Indian goods.

(Reporting by Florence Tan, Siyi Liu in Singapore and Nidhi Verma in New Delhi; Editing by Kate Mayberry and Emelia Sithole-Matarise)

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Repeats story with no changes to text

By Nidhi Verma

NEW DELHI, July 30 (Reuters) - Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned countries not to purchase oil from Moscow, industry sources said.

India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude, a vital revenue earner for Russia as it wages war in Ukraine for a fourth year.

The country's state refiners - 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 familiar with the refiners' purchase plans told Reuters.

IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment.

The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.

Private refiners Reliance Industries RELI.NS and Nayara Energy, majority owned by Russian entities including oil major Rosneft ROSN.MM, have annual deals with Moscow and are the biggest Russian oil buyers in India.

On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.

Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said.

Refiners fear the latest EU curbs could complicate overseas trade including fund raising — even for buyers adhering to the price cap. India has reiterated its opposition to "unilateral sanctions".

Trump on Wednesday announced a 25% tariff on goods imported from India from August 1, but added that negotiations were ongoing. He also warned of potential penalties for purchase of Russian arms and oil.

On Monday Trump cut the deadline to impose secondary sanction on buyers of Russian exports to 10-12 days from the previous 50-day period, if Moscow does not agree a peace deal with Ukraine.

Russia is the top supplier to India, responsible for about 35% of India's overall supplies.

Private refiners bought nearly 60% of India's average 1.8 million barrels per day of Russian oil imports in the first half of 2025, while state refiners that control over 60% of India's overall 5.2 million bpd refining capacity, bought the remainder.

Reliance purchased Abu Dhabi Murban crude for loading in October this month, an unusual move by the refiner, traders said.

(Reporting by Nidhi Verma; editing by Philippa Fletcher)

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

Adds graphic, details on purchase and sanctions from paragraph 8

By Nidhi Verma

NEW DELHI, July 30 (Reuters) - Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned countries not to purchase oil from Moscow, industry sources said.

India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude, a vital revenue earner for Russia as it wages war in Ukraine for a fourth year.

The country's state refiners - 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 familiar with the refiners' purchase plans told Reuters.

IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment.

The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.

Private refiners Reliance Industries RELI.NS and Nayara Energy, majority owned by Russian entities including oil major Rosneft ROSN.MM, have annual deals with Moscow and are the biggest Russian oil buyers in India.

On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.

Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said.

Refiners fear the latest EU curbs could complicate overseas trade including fund raising — even for buyers adhering to the price cap. India has reiterated its opposition to "unilateral sanctions".

Trump on Wednesday announced a 25% tariff on goods imported from India from August 1, but added that negotiations were ongoing. He also warned of potential penalties for purchase of Russian arms and oil.

On Monday Trump cut the deadline to impose secondary sanction on buyers of Russian exports to 10-12 days from the previous 50-day period, if Moscow does not agree a peace deal with Ukraine.

Russia is the top supplier to India, responsible for about 35% of India's overall supplies.

Private refiners bought nearly 60% of India's average 1.8 million barrels per day of Russian oil imports in the first half of 2025, while state refiners that control over 60% of India's overall 5.2 million bpd refining capacity, bought the remainder.

Reliance purchased Abu Dhabi Murban crude for loading in October this month, an unusual move by the refiner, traders said.

(Reporting by Nidhi Verma; editing by Philippa Fletcher)

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

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Hudson Lockett

HONG KONG, July 17 (Reuters Breakingviews) - Leave it to an online bazaar to sell a creative financial swap. Chinese e-commerce giant Alibaba 9988.HK just raised $1.5 billion with a zero-coupon bond that can be exchanged for shares in its healthcare subsidiary if the unit’s stock price rises 35% from its pre-announcement close. Other Asian conglomerates will be keen to get in on the market.

Alibaba Health Information Technology 0241.HK, a $9.5 billion digital platform selling pharmaceuticals and medication tracking, has not paid off for investors. Its total return over the past five years has been negative 76%. Despite the terrible performance, its $260 billion parent company found a way to wring some value out of the business.

It’s a clever twist on a popular hedge fund plaything. Convertible bonds, where a company’s borrowing transforms into equity, have been booming worldwide. In Hong Kong, this year’s issuance of some $12 billion exceeds the 2024 tally by 70%, per Dealogic. Some of it includes exchangeable debt like Alibaba’s.

The twist is canny. Alibaba’s investment-grade credit rating provides some downside protection. At the same time, Alibaba Health’s shares, whose price has swung wildly from up 80% at one point this year to less than 30% now, dangle tempting upside from any fresh rally.

As a deal denominated in Hong Kong dollars, it’s also a timely beneficiary of the city's rock-bottom interest rates. The upshot is cheap funding for Alibaba’s artificial intelligence initiatives. Boss Eddie Wu recently unveiled new investments in Thailand, Mexico and South Korea as the company seeks to spend at least $53 billion on machine learning and cloud computing infrastructure by 2028.

Alibaba also structured the bond, due in seven years, so it has the power to keep control of the healthcare division. If the price reaches the designated threshold, the payout can be in shares, cash or a mix to ensure the parent’s stake stays well above 50%.

Hedge funds often seek out volatility and option value for their portfolios, implying that the continent’s other corporate labyrinths could make similar use of exchangeable bonds. IndianOil IOS.NS-Adani Gas ADAG.NS is already lining one up, according to Bloomberg. Alibaba tech rival Tencent 0700.HK seems like another potential candidate. Just as with e-commerce, there’s always something curiously tempting in the financial marketplace.

Follow Hudson Lockett on Bluesky and X.

CONTEXT NEWS

Alibaba raised HK$12 billion ($1.5 billion) on July 4 from the sale of a zero-coupon exchangeable bond due 2032, which can be swapped for shares in listed subsidiary Alibaba Health Information Technology if its stock price rises 35%.

The deal caps more than $6 billion of exchangeable deals in Asia during the first half of 2025 and comes amid a surge of equity-linked debt issuance in Hong Kong of more than $12 billion this year, per Dealogic.

(Editing by Jeffrey Goldfarb; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on LOCKETT/ [email protected]))

Correct paragraph 1 to indicate 300,000 bpd figure refers to total refinery capacity, not diesel unit capacity

By Nidhi Verma

NEW DELHI, July 10 (Reuters) - Indian Oil Corp IOC.NS plans to shut the diesel desulphuriser unit at its 300,000 barrel-per-day Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday.

The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi.

India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028.

The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site.

The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said.

Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said.

He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project.

Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro LART.NS. L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram.

India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said.

($1 = 85.6490 Indian rupees)

(Reporting by Mohi Narayan, Editing by Louise Heavens)

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LONDON, July 8 (Reuters) - Nigerian Qua Iboe crude was offered lower on Tuesday in a sign that high asking prices in recent sessions had been weighing on demand.

* Qua Iboe was being offered at dated Brent plus $3.15-$3.35 a barrel on Tuesday, a trader said, down from plus $3.50 heard on Monday.

* Strong refining margins for distillates and a drop in freight rates are supporting diferentials, but a steep backwardation in the dated Brent market structure is weighing, a trader said.

* Indian Oil Corp. IOC.NS bought a cargo of Nigerian Akpo crude in its latest buying tender this week, a trader said.

* On Angolan grades, the offer of Plutonio at dated Brent plus $1.75 reported on Monday was not heard to have changed. Around 10 August-loading cargoes are thought to still be looking for buyers.

(Reporting by Alex Lawler; editing by Leroy Leo)

(([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];))

MUMBAI, June 11 (Reuters) - Indian Oil Corp IOC.NS withdrew its planned 5-year bond issue due to higher-than-expected yields, three merchant bankers said on Wednesday.

The state-run company received bids worth 98.3 billion rupees ($1.15 billion), against its target of 30 billion rupees. The cut off would have worked out at around 6.51%, while bids were in the range of 6.00% to 6.69%, the bankers said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 11:

*Size includes base plus greenshoe for some issues

($1 = 85.5070 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

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MUMBAI, June 9 (Reuters) - Indian Oil Corp IOC.NS plans to raise 30 billion rupees ($350.32 million), including a greenshoe option of 20 billion rupees, selling bonds maturing in five years, three bankers said on Monday.

The state-run firm has invited coupon and commitment bids from bankers and investors on Wednesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 9:

*Size includes base plus greenshoe for some issues

($1 = 85.6370 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

(([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)

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

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

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

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

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

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

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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)

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NEW DELHI, April 30 (Reuters) - India's top refiner Indian Oil Corp IOC.NS has agreed to a five-year liquefied natural gas import deal with trader Trafigura with prices linked to the U.S. Henry Hub benchmark, three trade sources said on Wednesday.

No immediate comment was available from Trafigura and Indian Oil.

(Reporting by Nidhi Verma in New Delhi and Emily Chow in Singapore; Editing by Christian Schmollinger)

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

By Uditha Jayasinghe

COLOMBO, April 25 (Reuters) - Sri Lanka will start work next month on plans to develop an energy hub with India and the United Arab Emirates, the energy minister said on Friday, as the nation looks to leverage its strategic location to cement a recovery from a financial crisis.

The trio signed a deal to create the hub during a visit this month by India's Prime Minister Narendra Modi, the first global leader to visit the island since President Anura Kumara Dissanayake took office last September.

Dissanayake won an election with pledges of stability after the worst financial crisis in decades three years ago triggered runaway inflation, sent the local rupee into free-fall and forced the country to default on $25 billion of debt.

The hub in the eastern harbour city of Trincomalee will involve the construction of a multi-product pipeline as well as bunkering facilities and potentially a refinery.

It will also include development of a World War II-era storage tank farm partly owned by the Sri Lankan subsidiary of Indian Oil IOC.NS.

Representatives from state-run Ceylon Petroleum, Indian Oil and AD Ports ADPORTS.AD will meet in Sri Lanka in late May to start discussions on a detailed business plan for the hub, said Energy Ministry Secretary Udayanga Hemapala.

"A joint project monitoring committee has been set up to oversee the development of the business plan and eventually finalise detailed proposals," Hemapala told Reuters.

President Dissanayake also discussed energy cooperation in Colombo this week with UAE Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan, the president's office said.

Chinese state energy firm Sinopec 600028.SS has signed a deal to build a $3.2 billion oil refinery in Sri Lanka's southern port city of Hambantota.

(Reporting by Uditha Jayasinghe; Editing by Christopher Cushing)

(([email protected];))

April 23 (Reuters) -

• BUYERS INCLUDING GAIL INDIA LTD. AND INDIAN OIL CORP. CANCELED LNG PURCHASE TENDERS DUE TO HIGH PRICES- BLOOMBERG NEWS

Source text: https://tinyurl.com/6n35srhu

(([email protected];))

April 18 (Reuters) -

• RAJPUTANA BIODIESEL - FURTHER RECEIVED LOI FROM INDIAN OIL CORPORATION FOR 180 MILLION RUPEES

Source text: ID:nnAZN3Q51G6

Further company coverage: IOC.NS

(([email protected];))

April 8 (Reuters) - Indian Oil Corp (IOC) IOC.NS will build a 1.5 million tons per year (tpy) dual feed naphtha cracker near its Paradip refinery in Eastern Odisha state, chairman A S Sahney said on Tuesday.

The naphtha cracker is expected to cost more than 610 billion rupees ($7.10 billion) and will be completed in 4-5 years, he said.

($1 = 85.9000 Indian rupees)

(Reporting by Nidhi Verma in New Delhi; Editing by Janane Venkatraman)

(([email protected];))

By Uditha Jayasinghe and Shivam Patel

COLOMBO/NEW DELHI, April 5 (Reuters) - India and the United Arab Emirates agreed to develop an energy hub in Sri Lanka, India's foreign ministry said on Saturday, as New Delhi's competition with China grows in the Indian Ocean island nation.

The three nations signed the pact for the hub during Indian Prime Minister Narendra Modi's visit to Sri Lanka, the first by a global leader since Sri Lankan President Anura Kumara Dissanayake took office in September.

New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers from a severe financial crisis triggered in 2022, during which India provided $4 billion in financial assistance.

Saturday's agreement boosts New Delhi's competition with China, whose state energy firm Sinopec (600028.SS) has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.

The energy hub in the strategically important city of Trincomalee, a natural harbour in the Sri Lanka's east, will involve construction of a multi-product pipeline and may include using a World War Two tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corp IOC.NS, Indian Foreign Secretary Vikram Misri told reporters in Colombo.

"The UAE is a strategic partner for India in the energy space and therefore was an ideal partner for this exercise that is being done for the first time in the region," Misri said. "The exact contours of UAE's role will be elaborated once the business to business discussions kick off."

The three nations will next choose business entities that will consider the financing and feasibility of projects for the hub, he said.

Modi also inaugurated a $100 million solar power project, a joint venture between Ceylon Electricity Board and India's National Thermal Power Corp NTPC.NS.

India and Sri Lanka also concluded their debt restructuring process, Foreign Secretary Misri said. Sri Lanka owes about $1.36 billion in loans to EXIM Bank of India and State Bank of India, according to Sri Lanka Finance Ministry data.

Colombo kicked off debt restructuring talks after it defaulted on its debt in May 2022, signing a preliminary deal with bilateral creditors Japan, India and China last June.

India and Sri Lanka also signed pacts on power grid connectivity, digitalisation, security and healthcare.

(Reporting by Uditha Jayasinghe in Colombo and Shivam Patel in New Delhi; Editing by William Mallard)

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By Nidhi Verma

NEW DELHI, April 4 (Reuters) - An ageing tanker loaded with Russian oil that was barred by Indian authorities is transferring its cargo to a second ship to complete the delivery, according to two sources and ship tracking data.

The Andaman Skies is transferring its cargo of crude oil to the Sao Tome and Principe-flagged vessel Ozanno, the sources said.

While many buyers have shunned Russian oil since Moscow's invasion of Ukraine in 2022, India and China have remained keen buyers. India is the biggest buyer of seaborne Russian crude, which accounted for about 35% of its crude imports in 2024.

However, port authorities last week barred the more than 20-year-old Andaman Skies from entering India's port of Vadinar as its seaworthiness certificate was not issued by an Indian-approved classification agency.

The Tanzania-flagged vessel, carrying about 100,000 metric tons (or some 800,000 barrels) of Varandey Russian oil sold by Lukoil from the northern port of Murmansk, is sitting off the port of Mumbai in western India, LSEG shipping data shows.

The Aframax-class tanker Ozanno, built in 2008, is expected to deliver the cargo to Indian Oil Corp. IOC.NS next week at Vadinar, the sources said.

IOC did not respond to a Reuters request for comment.

Indian port entry rules require tankers that are more than 20 years old to hold seaworthiness certification by a member of the International Association of Classification Societies, or an entity authorised by India's maritime administration.

Indian refiners buy Russian oil on a delivered basis, with ship, insurance and other services arranged by the seller.

While the Andaman Skies and Ozanno are both subject to UK and European Union sanctions, they are not under sanctions by the United States or the United Nations. India adheres to United Nations sanctions.

The Ozanno delivered 100,000 metric tons of Urals to the port of Sikka in India's western Gujarat state last month, LSEG data showed.

Western nations have imposed sanctions on hundreds of ships they suspect Russia is using to avoid price cap restrictions on exports of crude oil and other cargoes.

Such vessels are not regulated or covered by conventional Western insurers, posing the risk of unsafe tankers and environmental damage in the event of a wreck.

Norwegian authorities are currently investigating a small company which issued fake insurance to dozens of ageing oil tankers used by Russia.

(Reporting by Nidhi Verma; editing by Rachna Uppal and Jason Neely)

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April 2 (Reuters) - ABB India Ltd ABB.NS:

• DELIVERS AUTOMATION AND DIGITAL TECHNOLOGY FOR INDIANOIL PIPELINE

• PROVIDES 10-YEAR CARE CONTRACT FOR INDIANOIL PIPELINE SUPPORT

Source text: ID:nBSE321bqw

Further company coverage: ABB.NS

(([email protected];;))

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.

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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Repeats to additional subscribers

By Nidhi Verma

NEW DELHI, March 27 (Reuters) - Indian port authorities denied entry to an ageing tanker loaded with Russian crude on Thursday due to inadequate documentation, sources familiar with the matter said, an unusual move that indicates tightened scrutiny of vessels carrying Russian oil.

India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35% of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer.

The Tanzania-flagged Andaman Skies, carrying about 100,000 metric tons (or some 800,000 barrels) of Varandey Russian oil sold by Lukoil from the northern port of Murmansk, shipping data showed, was on course for the Vadinar Port for delivery to state refiner Indian Oil Corp IOC.NS before being turned away, sources said.

The sources declined to be named as they are not authorised to speak with media.

Indian port entry rules require tankers that are more than 20 years old to have seaworthiness certification by a member of the International Association of Classification Societies or an entity authorised by India's maritime administration.

Andaman Skies, which was built in 2004 and had previously visited India as recently as December, was carrying certification by Dakar Class, which is based in India but not recognised by Indian shipping authorities, the sources said.

The vessel has protection and indemnity (P&I) insurance cover from Russian company Soglasie, according to two sources familiar with the vessel's documents.

Lukoil and Soglasie didn't immediately respond to Reuters' requests for comment. Vadinar port authorities and Indian Oil did not respond to Reuters' emails seeking comments.

Russian oil supplies to top buyers India and China fell sharply in the immediate aftermath of sweeping U.S. sanctions in January, aimed at curtailing Moscow's oil revenue, on targets including more than 100 ships, making it harder for sellers of Russian oil to find vessels.

India's oil secretary last month said the country's refiners would buy Russian oil supplied by companies and ships not sanctioned by the U.S., effectively reducing the number of cargoes and vessels available.

Indian refiners buy Russian oil on delivered basis with ship, insurance and other servics arranged by the seller.

While the Andaman Skies is subject to UK and European Union sanctions, it is not designated by U.S. or United Nations sanctions. India follows United Nations sanctions.

Contact information for the ship's owner Durbeen Navigation Ltd could not immediately be found.

(Reporting by Nidhi Verma, Additional reporting by Moscow bureau; editing by David Evans and Tony Munroe)

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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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March 19 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL- FIRE OUTSIDE NEW TANK TRUCK PARKING OF CO'S TERMINAL AT JHARKHAND ON TUESDAY

• INDIAN OIL- FIRE CONTAINED PROMPTLY, REGULAR OPERATIONS REMAIN UNAFFECTED AT JHARKHAND TERMINAL

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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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March 4 (Reuters) - Indian oil explorer Oil and Natural Gas Corp ONGC.NS said on Tuesday its unit acquired clean energy firm PTC Energy for 9.25 billion Indian rupees ($106.02 million) as the company looks to ramp up its green energy portfolio.

CONTEXT

PTC Energy has operational wind generation capacity of 288 megawatts located at seven locations across three Indian states. It posted a revenue of 3.22 billion rupees in fiscal year 2024

WHY IS IT IMPORTANT

India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022.

ONGC, via its unit ONGC Green, is aiming to achieve 10 GW renewable energy portfolio by 2030. In February, ONGC and its joint venture NTPC Green Energy NTPG.NS acquired Ayana Renewable Power, which operates solar and wind plants valued at $2.3 billion.

($1 = 87.2440 Indian rupees)

(Reporting by Sethuraman NR; Editing by Krishna Chandra Eluri)

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** Oil marketing companies Bharat Petroleum Corp Ltd BPCL.NS and Hindustan Petroleum Corp Ltd HPCL.NS drop 2.5% each; Indian Oil Corp IOC.NS falls 1%

** BPCL, HPCL and IOC drag oil and gas index .NIFOILGAS 0.7% lower

** The companies could end the fiscal year 2025 "on an ugly note" due to falling refining and marketing margins, reduction of Russian crude benefits and high liquefied petroleum gas (LPG) losses, says Citi

** With domestic LPG prices still subsidised, the three companies are set to collectively lose 400 billion rupees ($4.62 billion) in FY25, the brokerage says

** While the government has assured compensation, it was absent from the February 1 budget, raising investor concerns

** "Without the LPG compensation from the government, earnings would fall sharply and investor confidence could be shaken, Citi says

** BPCL, HPCL and IOC drop 3.2%-9.6% so far this month, compared to 3% fall in benchmark Nifty 50 .NSEI and 4.6% decline in oil and gas index

($1 = 86.6650 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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