IOC

NEW DELHI, Oct 28 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, will not completely discontinue buying Russian crude, a top company executive said on Tuesday.

"We are absolutely not going to discontinue (buying Russian crude) as long as we are complying with the sanctions. Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions," Anuj Jain, director of finance, said in a post earnings analyst call.

"If somebody comes to me with a non-sanctioned entity, and the cap is being complied with, and the shipping is okay, then I will continue to buy it," he said.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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Oct 24 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP LTD - CIT(A) DISPOSED OF MATTER BY PARTLY ALLOWING APPEAL

• INDIAN OIL CORP LTD - RELIEF OF 11.03 BILLION RUPEES OBTAINED FOR CO

• INDIAN OIL CORP LTD - TO CONTEST 911.6 MILLION RUPEES DISPUTED TAX

Source text: ID:nBSE4bGNPt

Further company coverage: IOC.NS

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NEW DELHI/SINGAPORE, Oct 17 (Reuters) - Two Indian refiners have bought 4 million barrels of Guyanese crude oil from U.S. major Exxon Mobil XOM.N to be delivered at end-2025 or in early 2026, in their first imports from the South American producer, trade sources said on Friday.

Indian Oil Corp IOC.NS, the country's largest refiner by capacity, has bought 2 million barrels of Golden Arrowhead crude which will arrive in late December or in early January, they said, speaking on condition of anonymity.

Another refiner, Hindustan Petroleum Corp HPCL.NS, has bought 2 million barrels of Liza and Unity Gold crude also for delivery during the same period, the sources said.

(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by Clarence Fernandez)

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By Nidhi Verma

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

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

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

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

Indian officials are currently in Washington for trade talks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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Repeats story with no changes to text

By Nidhi Verma and Florence Tan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Traders offering Russian oil have begun asking Indian state refiners to pay in Chinese yuan, taking recent signs of improving relations between New Delhi and Beijing as a chance to simplify deals with Indian buyers, trade sources said.

India's top refiner, state-controlled Indian Oil Corp IOC.NS, recently made payments in Chinese currency for two to three cargoes of Russian oil, people familiar with Indian companies' Russian oil purchases said.

Indian Oil did not immediately respond to Reuters' request for comment.

Western sanctions imposed on Russia after its 2022 invasion of Ukraine have accelerated usage of alternative currencies, including the yuan and the UAE dirham to settle oil trades, which have long been dominated by the dollar.

In 2023, Indian state refiners made some payments for Russian oil in yuan, but they stopped due to displeasure from the Indian government during a period of heightened tensions with Beijing, though private refiners continued to use the Chinese currency.

Now, traders, which until now had to convert payments in dirhams or dollars into yuans - since only those can be directly exchanged into roubles needed to pay the producers - are seeking to remove one costly step from the process, one trader said.

Sources also said that traders were pricing Russian oil in dollars to ensure adherence to the European Union's price cap and seeking equivalent yuan payment.

India became the top importer of discounted Russian seaborne oil, since Western nations suspended imports from Moscow due to the sanctions. Payments in yuan will expand the availability of Russian oil for Indian state refiners, given some traders would not accept other currencies, the sources said.

India and China recently resumed direct flights after a gap of more than five years. Indian Prime Minister Narendra Modi visited China last month for the first time in seven years to attend a meeting of the Shanghai Cooperation Organisation regional security bloc.

(Reporting by Nidhi Verma
Editing by Tony Munroe and Tomasz Janowski)

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By Nidhi Verma and Florence Tan

NEW DELHI/SINGAPORE, Oct 7 (Reuters) - Traders offering Russian oil have begun asking Indian state refiners to pay in Chinese yuan, taking recent signs of improving relations between New Delhi and Beijing as a chance to simplify deals with Indian buyers, trade sources said.

India's top refiner, state-controlled Indian Oil Corp IOC.NS, recently made payments in Chinese currency for two to three cargoes of Russian oil, people familiar with Indian companies' Russian oil purchases said.

Indian Oil did not immediately respond to Reuters' request for comment.

Western sanctions imposed on Russia after its 2022 invasion of Ukraine have accelerated usage of alternative currencies, including the yuan and the UAE dirham to settle oil trades, which have long been dominated by the dollar.

In 2023, Indian state refiners made some payments for Russian oil in yuan, but they stopped due to displeasure from the Indian government during a period of heightened tensions with Beijing, though private refiners continued to use the Chinese currency.

Now, traders, which until now had to convert payments in dirhams or dollars into yuans - since only those can be directly exchanged into roubles needed to pay the producers - are seeking to remove one costly step from the process, one trader said.

Sources also said that traders were pricing Russian oil in dollars to ensure adherence to the European Union's price cap and seeking equivalent yuan payment.

India became the top importer of discounted Russian seaborne oil, since Western nations suspended imports from Moscow due to the sanctions. Payments in yuan will expand the availability of Russian oil for Indian state refiners, given some traders would not accept other currencies, the sources said.

India and China recently resumed direct flights after a gap of more than five years. Indian Prime Minister Narendra Modi visited China last month for the first time in seven years to attend a meeting of the Shanghai Cooperation Organisation regional security bloc.

(Reporting by Nidhi Verma
Editing by Tony Munroe and Tomasz Janowski)

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Oct 1 (Reuters) - Kirloskar Brothers Ltd KRBR.NS:

• RECEIVES ORDER FROM IOCL FOR PUMP SETS

Source text: ID:nNSE1ybFQh

Further company coverage: KRBR.NS

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** Shares of BPCL BPCL.NS rise 4.1%, HPCL HPCL.NS gain 4.5% and Indian Oil IOC.NS climb 3.3%, boosting the oil and gas .NIFOILGAS and public sector enterprises .NIFTYPSE about 1.8% higher each

** Shares rise after multiple brokerages say government's clarity on pricing reform in crude oil and LPG under-recovery compensation as key positives

** Comments come after Minister of Petroleum Hardeep Singh Puri interacts with investors and analysts on Friday to address concerns weighing on valuations of state-owned energy companies

** HSBC reiterates "buy" on HPCL, BPCL, IOC, says the latest comments from the government provide comfort that the ministry is unlikely to materially intervene and should allow OMCs to make reasonable returns

** J.P.Morgan and Macquarie say the minister's commitment to continue government support with payment of LPG under-recovering to OMCs should help their margins and growth outlook

** BPCL rises 11%, HPCL up 3.3% and IOC gains 6.3% in 2025 so far, compared with a 5.2% uptick in oil and gas index .NIFOILGAS, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

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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.

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 de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Noel John in Bengaluru; Editing by Sonia Cheema)

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Corrects story to show IOC did not purchase Agbami crude from Chevron

SINGAPORE/NEW DELHI, Sept 19 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, has bought 2 million barrels of sweet crude for November delivery via a tender, trade sources said on Friday.

It bought U.S. West Texas Intermediate Midland crude from Totsa, they added.

The WTI cargo was sold at about $3.50 a barrel above dated Brent on delivery at port basis to Vadinar, one of the sources said.

(Reporting by Florence Tan and Nidhi Verma)

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Sept 18 (Reuters) - Agarwal Industrial Corporation Ltd AGWL.NS:

• GOT TENDER WITH TOTAL ESTIMATED VALUE OF 3.3 BILLION RUPEES

• GOT TENDER FROM INDIAN OIL CORP FOR SUPPLY OF BULK BITUMEN

Source text: ID:nnAZN4JI538

Further company coverage: AGWL.NS

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By Nidhi Verma

Sept 16 (Reuters) - India's Nayara Energy has raised fuel sales to state retailer Hindustan Petroleum Corp HPCL.NS after the Russia-backed refiner's exports were hit by European Union sanctions, a government source said on Tuesday.

Since the imposition of sanctions, Nayara has been operating its 400,000 barrel-per-day (bpd) Vadinar refinery in western India at 70-80% capacity.

Higher local sales of refined fuels would help the company to sustain its refinery runs, the source added.

"We would like them (Nayara) to operate at as high capacity as it can," the source, who did not wish to be identified, told reporters.

While other state fuel retailers - Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS - are self sufficient, HPCL buys some quantity of diesel and petrol from other companies for local sales, the source said.

HPCL will raise fuel purchases from Nayara to make up for some of the fuel it usually buys from HPCL-Mittal Energy, which is set to shut its 226,000 bpd Bathinda refinery in northern India for 40 days.

Nayara, majority owned by Russian entities including Rosneft ROSN.MM, is relying on Russian oil after Saudi Arabia and Iraq stopped supplying crude due to payment-related issues, the source added.

India's finance ministry was also considering allowing state run UCO Bank UCBK.NS to facilitate payment for Nayara's local fuel-supply deals, the source said.

Also, some shippers had previously stopped lifting fuels for HPCL from Nayara, forcing the private refiner to use a shadow fleet.

The source said Nayara was using alternatives modes of local fuel distribution, including roads, rail and shipping.

Last week, Indian conglomerate Adani banned entry of EU, British and US-sanctioned vessels at its ports.

The source added it was Adani's independent decision as India adheres only to United Nations sanctions and does not follow unilateral sanctions imposed by other nations.

(Reporting by Nidhi Verma in New Delhi, Editing by Bernadette Baum)

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MOSCOW, Sept 9 (Reuters) - Russia's Urals crude differentials to dated Brent were little changed on Tuesday while oil exports from the Caspian Pipeline Consortium (CPC) marine terminal were holding steady despite an oil spill in late August.

CPC Blend oil loadings from the CPC marine terminal at Yuzhnaya Ozereyevka near Novorossiisk port so far this month stand at about 1.6 million barrels per day, in line with a provisional export schedule, two traders said.

PLATTS WINDOW

• No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Tuesday.

NEWS

• Russian Finance Minister Anton Siluanov told RBC media on Tuesday that the oil and gas revenue outlook in the federal budget assumes an Urals oil price of $59 a barrel in 2026.

(Reporting by Reuters
Editing by David Goodman
)

NEW DELHI/SINGAPORE, Sept 5 (Reuters) - Top Indian refiner Indian Oil Corp IOC.NS skipped the purchase of U.S. oil in its latest tender and instead bought 2 million barrels of West African and a million barrels of Middle Eastern grade, trade sources said on Friday. The state refiner also bought one million barrels each of Nigerian oil grades Agbami and Usan from French oil major TotalEnergy, and another million barrels of Abu Dhabi's Das crude from Shell, the people said. Nigerian oil has been bought on free-on-board basis and Das has been purchsed on a delivered basis for arrival at Indian ports in late October-early November. In its previous tender last week, IOC bought 5 million barrels of U.S. West Texas Intermediate. CRU/TENDA

In recent months, Indian refiners have advantage of a favourable arbitrage window and raised their purchase of U.S. oil via tender.

Their U.S. oil purchases were also helping cut India's massive trade surplus with the U.S., which has doubled the tariff on Indian imports to 50%, citing New Delhi's purchase of Russian oil. The landed cost for U.S. crude was high compared to other grades, despite the front-month Brent-WTI differential CL-LCO1=R being about $4 per barrel.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Harikrishnan Nair)

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[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)

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By Nidhi Verma

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

WHY HAS TRUMP IMPOSED ADDITIONAL TARIFFS ON INDIAN GOODS?

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

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

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

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

WHY INDIA IS BUYING RUSSIAN OIL?

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

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

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

WILL INDIA CONTINUE TO BUY RUSSIAN OIL?

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

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

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

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

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

HOW MUCH OIL DOES INDIA BUY FROM RUSSIA?

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

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

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

WHO ARE THE TOP BUYERS OF RUSSIAN OIL IN INDIA?

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

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

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

ALTERNATIVES TO RUSSIAN OIL

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

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

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Adds China has stepped up purchases in paragraph 8

By Nidhi Verma

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

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

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

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

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

Indian companies do not comment on their crude imports.

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

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

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

(([email protected]; 8800437922;))

** Shares of Indian Oil IOC.NS fall 0.7% to 139 rupees

** State-run refiner says inventory loss affected gross refining margin, which slumped to $2.15 per barrel from $6.39 per barrel last year

** Co missed Q1 profit view due to weak GRM, inventory losses

BROKERAGES SEE HEALTHY CRUDE OUTLOOK

** Jefferies ("Buy", maintains PT at 160 rupees) says outlook remains strong as crude is expected to remain range-bound; sees valuation as "reasonable"

** CLSA ("Hold", maintains PT at 135 rupees) says market share gain driving faster volume growth

** Nomura ("Buy", maintains PT at 160 rupees) expects healthy profitability for OMCs amid benign crude oil outlook

** Analysts covering the stock rate it "Buy" on avg; median PT at 160 rupees- data compiled by LSEG

** Stock up 2.5% YTD vs oil and gas index's .NIFOILGAS 3% rise

(Reporting by Komal Salecha)

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Adds comments from Indian Oil Corp's head of finance from paragraph 7

Aug 18 (Reuters) - White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop.

New Delhi was "now cozying up to both Russia and China," Navarro wrote in an opinion piece published in the Financial Times on Monday.

"If India wants to be treated as a strategic partner of the U.S., it needs to start acting like one."

India's Foreign Ministry has previously said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia.

U.S. President Donald Trump announced an additional 25% tariff on Indian goods earlier this month, citing New Delhi's continued purchases of Russian oil. The move will take total tariffs on imports from India to 50%.

"India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro wrote.

The adviser also said India's close ties with Russia and China made it risky to transfer cutting-edge U.S. military capabilities to India.

Separately, Indian Oil Corp IOC.NS, the country's top refiner, will continue to buy Russian oil depending on economics, the company's head of finance Anuj Jain told an analyst meeting on Monday.

Jain said his company's Russian oil processing in the June quarter was about 24% compared to an average 22% in 2024/25.

He said purchases for the September quarter were continuing and the discounts on Russian oil were in the range of $1.50 per barrel to the Dubai benchmark.

Longtime rivals China and India are quietly and cautiously strengthening ties against the backdrop of Trump's unpredictable approach to both.

Indian Prime Minister Narendra Modi is set to meet Chinese President Xi Jinping at the end of the month while Chinese Foreign Minister Wang Yi will visit India from Monday for talks on the disputed border between the two countries.

A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, a source said over the weekend, delaying talks on a proposed trade agreement and dashing hopes of relief from additional U.S. tariffs on Indian goods from August 27.

(Reporting by Shubham Kalia in Bengaluru and Nidhi Verma in New Delhi; Editing by Christian Schmollinger and Kate Mayberry)

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SINGAPORE, Aug 15 (Reuters) - State refiner Indian Oil Corp IOC.NS (IOC) has bought two million barrels of U.S. West Texas Intermediate crude for October delivery, three trade sources said on Friday.

It purchased the cargoes from Mercuria at a premium of $2.80-2.90 a barrel to dated Brent, they added, speaking on condition of anonymity.

IOC recently snapped up crude from the United States, Canada and the Middle East as U.S. President Donald Trump ramped up pressure on India for purchases of Russian oil ahead of talks with President Vladimir Putin to reach a ceasefire in Ukraine.

(Reporting by Florence Tan and Siyi Liu in Singapore; Editing by Clarence Fernandez)

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Aug 14 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP Q1 NET PROFIT 56.89 BILLION RUPEES; IBES EST. 74.66 BILLION RUPEES

• INDIAN OIL CORP Q1 REVENUE FROM OPERATIONS 2.19 TRLN RUPEES

• INDIAN OIL AVERAGE GRM FOR APRIL-JUNE AT $2.15 PER BBL

Source text: [ID:]

Further company coverage: IOC.NS

(([email protected];;))

By Nidhi Verma

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

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

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

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

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

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

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

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

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

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

(Reporting by Nidhi Verma; Editing by Joe Bavier)

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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)

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By Nidhi Verma

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Nidhi Verma
Editing by Alexandra Hudson)

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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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By Nidhi Verma and Gleb Stolyarov

NEW DELHI/MOSCOW, Aug 1 (Reuters) - At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said, and LSEG trade flows showed.

The U.S. Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting Russian oil.

U.S. President Donald Trump has urged countries to halt purchases of oil from Moscow, threatening 100% tariffs unless Russia agrees to a significant peace deal with Ukraine.

Three ships - the Aframaxes Tagor and Guanyin and the Suezmax Tassos - were scheduled to deliver Russian oil to Indian ports this month, trade sources said. All three vessels are under U.S. sanctions.

Tagor was bound for Chennai on India's east coast, while Guanyin and Tassos were headed to ports in western India, according to trade sources and Russian ports data.

Tighter Western sanctions aimed at cutting Russia's oil revenue, seen as funding its war against Ukraine, have been increasingly hitting Russian oil supplies for India, which buys more than a third of its oil needs from Russia.

Tagor is now heading to Dalian in China, while Tassos is diverting to Port Said in Egypt, the data shows.

Guanyin remains on course to Sikka, a port used by Reliance Industries RELI.NS and Bharat Petroleum Corp Ltd. BPCL.NS.

Indian Oil Corp IOC.NS, which was to receive the Tagor shipment, and BPCL did not respond to Reuters' emailed requests for comment.

Zulu Shipping, linked to Panama-flagged Tassos and Tagor, and Guanyin-owner Silver Tetra Marine could not be reached for comments. Both companies are under U.S. sanctions.

A Reliance spokesperson said that "neither of these two vessels, Guanyin and Tassos, is coming to us".

Reliance has previously purchased oil in Guanyin.

Separately, two other vessels, Achilles and Elyte, loaded with Russian oil, are preparing to discharge Russian Urals for Reliance, according to LSEG data. Both these vessels are sanctioned by Britain and the European Union. India has condemned the EU sanctions.

(Additional Reporting by Chen Aizhu in Singapore, Editing by Louise Heavens)

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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)

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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.

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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)

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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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