Indian Oil Corpn.

Aug 20 (Reuters) - Indian Oil Corporation IOC.NS on Thursday said it had signed a multi-year fuel supply agreement with Mauritius' State Trading Corporation, deepening energy ties between the two countries and securing an export outlet for India's largest refiner.

The agreement, backed by both governments, underscores India's push to expand its energy footprint in the Indian Ocean region as it competes with China for influence among island nations.

IOC said on X the agreement covers a five-year supply of petroleum products to the Mauritian state buyer and forms part of a government-to-government memorandum of understanding on cooperation in petroleum and gas, biofuels, sustainability and other emerging energy areas.

(Reporting by Anuran Sadhu in Bengaluru; Editing by Shreya Biswas)

(([email protected]; +91 8697274436;))

NEW DELHI, Aug 17 (Reuters) - India's state-owned Khanij Bidesh India Limited (KABIL) is expected to start lithium extraction in Argentina in the next four to five years after completing project feasibility, a parliamentary panel report on its operations said.

In 2024, KABIL signed a 2 billion-rupee ($20.92 million) lithium exploration pact for five blocks in Argentina.

• The government of Catamarca in Argentina has offered seven additional greenfield lithium brine blocks under the existing agreement, which KABIL is evaluating, according to the report.

• KABIL is in the process of signing a preliminary agreement with the Ministry of Production and Mining of the Province of Salta, Argentina and Energy and Mining Resources Salta SA to collaborate on lithium projects in Salta.

• Discussions are also underway for obtaining two greenfield lithium brine projects in Jujuy province.

• Two additional projects are being evaluated by KABIL and Oil India and KABIL and Indian Oil Corp.

• KABIL flagged delays in Argentina because of lack of expertise in handling lithium brine deposits.

• In Australia, KABIL, along with Oil India, Coal India and NLC India was evaluating two lithium projects.

• The panel confirmed a Reuters report that KABIL's lithium project in Mali with Uranium One Group, a subsidiary of Rosatom, was kept on hold due to "recent socio-political instability".

• KABIL is also in talks with Malawi Mining Investment Company for critical mineral projects in Malawi.

• KABIL is evaluating investment opportunities in Brazil, Canada, Russia, Indonesia, among others and looking at rare earths.

• The panel observed "limited progress" in securing overseas mineral assets and "prolonged timelines" in moving from negotiations to actual acquisition and production.

($1 = 95.6125 Indian rupees)

(Reporting by Rajesh Kr. Singh and Neha Arora; editing by Alexandra Hudson)

(([email protected]; X: neha_5;))

Adds details, background in paragraphs 4-5

Aug 14 (Reuters) - India has lowered windfall taxes on exports of petrol, diesel and aviation turbine fuel with effect from Saturday, according to a government order.

The duty on diesel exports has been cut to 24 Indian rupees ($0.2515) per litre from 25.5 rupees, while petrol duty has been set at zero rupees per litre, down from 3.5 rupees, the government order showed.

The tax on aviation turbine fuel has been set at 19.5 rupees per litre from 22 rupees earlier.

India first imposed windfall taxes in July 2022 to capture extraordinary gains from soaring oil prices and scrapped it two years later. The levy was reintroduced in March 2026 after oil prices surged during the U.S.-Israeli war on Iran.

India currently revises the export levies every fortnight, based on international prices of crude oil and petroleum products.

($1 = 95.4400 Indian rupees)

(Reporting by Nikunj Ohri and Kanjyik Ghosh; Editing by Mark Porter and Chizu Nomiyama )

(([email protected]))

By Aditi Shah and Aditya Kalra

NEW DELHI, Aug 13 (Reuters) - Hours after India made public assurances last week that its ethanol-blended petrol was safe, the country's main auto lobby withdrew a complaint about fuel contamination it had sent to the government a week earlier. The group said some figures needed more checks.

But separate communications between industry executives, reviewed by Reuters, showed that in the preceding days, top automakers Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS discussed their concerns about contamination of petrol blended with 20% ethanol, called E20.

Their data compiled the most comprehensive fuel testing done by the industry since Prime Minister Narendra Modi's government started rolling out E20 nationwide from last year to help curb pollution and cut oil imports.

With no other petrol available since April 1, consumer concerns have grown about the impact on vehicle performance.

The carmakers' emails show for the first time how they are privately worried about contaminants in E20, like chloride and moisture, which they say are hurting vehicles, even as they publicly back the government's rollout of the fuel.

The Society of Indian Automobile Manufacturers (SIAM) withdrew its July 28 letter on fuel contamination after a government and public uproar over the warning, saying "some numbers" need "authentication".

The previously unreported industry data and emails reviewed by Reuters show "multiple" automakers had already conducted extensive tests by collecting over 250 fuel samples from pumps over a year from as many as 21 of India's 36 states and territories. They found high chloride contamination in many of the samples in 18 states, as well as high moisture content.

The executives' emails raised no concern about data authentication.

Asked for comment on the private emails, SIAM told Reuters the data was intended only for internal circulation, discussion and validation, and collected by "very few" automakers.

Maruti, Tata and Mahindra, who were part of the SIAM internal emails seen by Reuters, account for 67% of India's car market.

As "the testing basis and sample size were insufficient to support definitive conclusions, the communication was withdrawn" as it was sent inadvertently, SIAM said, adding it intends to undertake a proper scientific study.

The Ministry of Petroleum and Natural Gas did not respond to requests for comment. Its minister, Hardeep Singh Puri, said on Friday that two weeks prior to receiving the letter from SIAM, India's oil marketing companies had begun "rigorous testing" of fuel at retail outlets to check for contamination.

Only four cases of contamination were found, he said. State-run fuel retailers also said last week that extensive random and scientific tests showed "no cause for any alarm on account of fuel contamination".

Mahindra said conclusions drawn from its executive's emails "are completely baseless and incorrect", industry data is limited and preliminary, and it does not see issues with E20. Maruti and Tata did not respond to requests for comment.

AUTO INDUSTRY MET GOVERNMENT TO FLAG CHLORIDE CONCERNS

E20 has angered motorists, with hundreds alleging it has reduced mileage and increased wear and tear on their cars, and triggered at least one court challenge.

SIAM had earlier said high levels of chloride are corrosive for auto parts, while high moisture levels in fuel can immobilise a vehicle immediately after fuelling.

In the group emails exchanged among Maruti, Tata, Mahindra and SIAM, Maruti's senior executive Anoop Bhat raised concerns on the high chloride findings saying this had been privately discussed with the petroleum ministry on July 26.

The tabulated state-wide findings shared by the industry on group emails showed they recorded chloride levels of 6 to 570 parts per million (ppm) in Rajasthan state, 1.4 to 420 ppm in the capital New Delhi and 10 to 357 ppm in Maharashtra.

The Indian government says the permissible limit is 3 ppm.

The data tables also showed moisture levels reaching 13,000 ppm in Andhra Pradesh and 12,500 ppm in Uttar Pradesh, versus a permissible government benchmark of 3,000 ppm.

While the reason for contamination is not known, SIAM said in its now withdrawn letter it had seen an increase in chloride levels since the rollout of E20 and has requested the government to direct oil marketing companies to find the root cause.

For moisture, the SIAM letter noted, the cause could be inadequate "maintenance of the underground storage tanks and pipelines at retail outlets".

Maruti's Bhat wrote in his July 26 email that 1 ppm of chloride was the maximum that current fuel injectors, which transport fuel to the engine, "can tolerate".

"Lesser than 1 ppm in E20 is also in line with international standards. Same is in line with discussion held with" the petroleum ministry, Bhat wrote.

Mahindra's senior principal engineer of fluids technology, R. Ramaprabhu, said in emails that organic chloride is the contaminant responsible for the very rapid vehicle failures the industry is seeing and can spoil engines "within 200 km".

"Majority cases reported immediately after fuelling ... is due to organic chloride," he wrote, adding that Mahindra has "strong evidences" of fuel sample data from retail outlets.

Mahindra's Ramaprabhu and Maruti's Bhat did not respond to Reuters' queries.

(Reporting by Aditi Shah and Aditya Kalra in New Delhi; Editing by Sonali Paul)

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

NEW DELHI, Aug 10 (Reuters) - India's state fuel retailers' revenue loss on the sale of liquefied petroleum gas (LPG), mainly used as cooking fuel, has narrowed to 188 rupees ($1.97) per 14.2-kilogram cylinder in August, junior oil minister Suresh Gopi said on Monday.

• In July, the revenue loss for the sale of a cooking gas cylinder for households was 500 rupees, the minister told lawmakers in a written reply.

• Retailers Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS have been selling a cooking gas cylinder for 942 rupees in Delhi since June 2026.

• The Indian government compensates fuel retailers for loss on sale of cooking gas to households at below market rates with a lag.

• The government paid a subsidy of 300 billion rupees for clearing some of the dues for 2025/26 and 2026/27, Gopi said.

• Despite payment of subsidy, the pending dues to be cleared for the state retailer for LPG are more than 590 billion rupees as of July 31, he said.

  
  

($1 = 95.2825 Indian rupees)

(Reporting by Nidhi Verma; Editing by Leroy Leo)

(([email protected]; X: @nidhi712;))

Aug 7 (Reuters) - India's state-run fuel retailers said on Friday that nationwide testing of E20 petrol found no evidence to support claims of high chloride contamination or moisture and that fuel quality remained within prescribed limits, according to a joint statement.

More than 100 petrol samples from refineries showed chloride levels at or below one part per million (ppm), while ethanol samples from 80 distilleries recorded chloride content below 3 ppm, HPCL HPCL.NS, BPCL BPCL.NS and Indian Oil IOC.NS said.

Here are more details:

• The clarification comes amid concerns about India's nationwide roll out of E20 petrol, which contains 20% ethanol, a plant-derived alcohol mixed into petrol to reduce dependence on imported crude oil.

• More than 80 E20 samples collected from depots and terminals nationwide also showed chloride levels below 3 ppm, the statement said.

• The oil marketing companies said inspections of underground storage tanks at about 90,000 fuel stations found no water ingress, and urged consumers to continue using E20 petrol with confidence.

• The transition has drawn criticism from some consumers, who say the higher ethanol blend affects fuel efficiency and vehicle performance, particularly in older vehicles not designed for the fuel type.

(Reporting by Urvi Dugar in Bengaluru; Editing by Tasim Zahid)

(([email protected]; +91 9558725583;))

NEW DELHI/SINGAPORE, Aug 5 (Reuters) - Indian refiners Mangalore Refinery and Petrochemicals MRPL.NS bought 1 million barrels of Oman crude via a tender, three trade sources said on Wednesday.

The oil was bought at a premium of about $3 a barrel to the dated Brent contract, the sources said. One of them added that the seller was Mitsui & Co Energy Trading Singapore.

Separately, state-run Indian Oil Corp IOC.NS, the country's biggest refiner by capacity, purchased four million barrels of West African crude, the sources said.

The company bought Angolan Nemba, Saxi Batuque and Clov as well as Congo's Djeno crude, all from Chevron, the people said.

The companies typically do not comment on commercial trades.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore
Editing by David Goodman)

(([email protected];))

NEW DELHI, Aug 1 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, has sharply raised oil purchases from the spot markets to make up for the loss of Middle Eastern supplies, its head of finance Anuj Jain said at an analyst meeting on Saturday following the June quarter earnings.

• "Our spot volume jumped from 50% to almost 84%, and the situation is very very dynamic...we keep track of the development on a day-to-day basis and try to optimize our crude sourcing," Jain said.

• Indian refiners have switched to spot purchases due to supply disruption from the Strait of Hormuz and Red Sea, after the U.S.-Iran war began in late February.

• The company relies heavily on spot purchase of Russian oil for processing at its refineries.

• IOC has stepped up purchase of oil from West African and Latin American producers to make up for the supply disruption from the Middle East, he said.

• IOC, along with its subsidiary Chennai Petroleum Corp CHPC.NS, controls about a third of India's 5.2 million barrels per day refining capacity.

• IOC aims to process 1.7 million bpd oil at its directly owned refineries in 2027/28 as it hopes to expand capacity of some of the units by end of this year, Jain said.

  
  

(Reporting by Nidhi Verma
Editing by Shri Navaratnam)

(([email protected]; X: @nidhi712;))

July 31 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP Q1 NET LOSS 26.61 BILLION RUPEES

• INDIAN OIL CORP Q1 REVENUE FROM OPERATIONS 2.76 TRLN RUPEES

Source text: [ID:]

Further company coverage: IOC.NS

(([email protected];))

By Nidhi Verma

NEW DELHI, July 30 (Reuters) - Two tankers carrying Saudi crude for Indian refiners have exited the Red Sea through the Bab el-Mandeb Strait by sailing "dark" after Yemen's Iran-aligned Houthis announced a blockade on Saudi shipments, two sources with direct knowledge of the matter said.

The Suezmax tanker Amazon, chartered by Indian Oil Corp IOC.NS, loaded 1 million barrels of oil and Aframax Rodos lifted 700,000 barrels of crude for Mangalore Refinery and Petrochemicals Ltd MRPL.NS at Saudi Arabia's Yanbu port around July 20 and briefly turned north towards the Suez Canal.

However, the Amazon and Rodos then switched off their Automatic Identification System transponders around July 22, preventing public tracking of their moves, and headed south to exit the Red Sea through the Bab el-Mandeb Strait, the sources said.

The tankers are the first evidence of vessels carrying Saudi crude for India going dark by turning off their transponders, which the sources said is normal practice in war zone areas, since the blockade began.

"The owner had shut the transponders on the vessels for safety purposes, and the vessels are now heading to India," one of the sources told Reuters.

The Rodos is expected to arrive at India's Mangalore port on August 1, while the Amazon is scheduled to reach Chennai in early August, both sources said.

Both vessels are managed by Greece-based Dynacom Tankers. Dynacom had no immediate comment when contacted by Reuters.

India's foreign ministry, Indian Oil and MRPL did not respond to emails seeking comment.

The vessels switched off their transponders after two other Dynacom ships, Malta-flagged Panamax-sized tanker Kavomaleas and Liberian-flagged VLCC Acheloos, were hit by projectiles.

Indian refiners have switched to cargoes from the Middle East on a delivered basis since the Houthi attacks on several Saudi tankers. MRPL said in its latest tender it will only buy oil shipped on routes avoiding the Red Sea and Strait of Hormuz.

It was not immediately clear if the Indian government talked to the Houthis or Iranian authorities to gain safe passage for the vessels after refiners in India approached it for help.

(Reporting by Nidhi Verma; Additional reporting by Aftab Ahmed and Lefteris Papadimas; Editing by Florence Tan and Alexander Smith)

(([email protected]; X: @nidhi712;))

By Nidhi Verma

NEW DELHI, July 29 (Reuters) - India's top refiner, Indian Oil Corp (IOC) IOC.NS, is looking to acquire a 50% stake in very large gas carriers (VLGCs), according to a tender document, as it prepares to increase imports of liquefied petroleum gas (LPG) from the United States.

IOC would be the first Indian refiner seeking ownership of VLGCs. The company currently relies mainly on time-chartered LPG and crude tankers.

IOC did not immediately respond to an emailed request for comment.

Indian state fuel retailers are set to increase purchases of U.S. LPG, used mainly as cooking gas, from 2027.

U.S. LPG is typically more expensive for Indian buyers because of the longer voyage and higher freight costs, an Asian LPG trader said.

"The biggest challenge in buying U.S. LPG is not availability but freight rates," the trader said.

IOC is seeking VLGCs with a capacity of 80,000 to 93,500 cubic metres that are no more than 12 years old, according to the tender document, which was issued to a limited number of companies.

Bidders may offer up to two VLGCs, the document showed, although IOC did not specify how many vessels it intends to acquire.

IndianOil LNG, an IOC joint venture, reserves the right to acquire one or more vessels under the tender, the document said.

IOC will hold a pre-bid meeting on August 5, while commercial and technical bids are due by September 7.

The vessels will be reflagged to India after the acquisition, the document added.

(Reporting by Nidhi Verma; Editing by Kevin Buckland)

(([email protected]; X: @nidhi712;))

July 28 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INVESTS 433.59 BILLION RUPEES IN PARADIP REFINERY, POLYPROPYLENE, AND MEG PLANTS

• INVESTING 138.05 BILLION RUPEES IN PX-PTA PROJECT AT PARADIP

• PLANS 43.82 BILLION RUPEES INVESTMENT IN BHADRAK TEXTILE PARK WITH MCPI

• PLANS 10.64 BILLION RUPEES INVESTMENT IN SUSTAINABLE AVIATION FUEL PROJECT WITH M11 ENERGY TRANSITION

Source text: ID:nBSE8twn7g

Further company coverage: IOC.NS

(([email protected];))

By Nidhi Verma

NEW DELHI, July 21 (Reuters) - Indian Oil Corp IOC.NS has cancelled the lifting of Iraqi oil from Basrah Oil Terminal due to increased risk and attacks on some vessels transiting through the Strait of Hormuz, three sources familiar with the matter said.

• State-run IOC was preparing to lift 2 million barrels of Iraqi oil in the very large crude carrier Lila Jamnagar around July ​23.

• Another state refiner, Mangalore Refinery and Petrochemicals Ltd MRPL.NS, also cancelled plans to lift oil from Iraq in the Indian-flagged Aframax tanker Desh Gaurav, they said.

• The two Indian refiners did not immediately respond to a Reuters request for comment.

• India has advised shipowners, ship managers and recruitment companies not to deploy the country's seafarers on vessels undertaking trips through the Strait of Hormuz following the resumption of fighting in the region.

• The shipping regulator has also directed masters of vessels to ensure that they are sufficiently vigilant about the security situation in the Persian Gulf, the Strait of Hormuz and adjoining waters, and called for continuous monitoring of navigational warnings.

• The Strait of Hormuz between Iran and Oman was the main transit route before the conflict for around a fifth of global energy supplies.

• Tensions have escalated since a fragile truce between Washington and Tehran collapsed in early July, reviving heavy exchanges of strikes and further disrupting shipping through the waterway.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

(([email protected]; X: @nidhi712;))

By Krishna N. Das and Nidhi Verma

NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.

India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.

At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.

Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.

Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.

Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.

Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.

SHIP-TO-SHIP TRANSFERS

One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.

Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.

Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.

Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.

Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".

"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.

"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."

(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)

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

LONDON, July 13 (Reuters) - Nigeria's Dangote oil refinery issued a spot tender for crude oil on Monday, a trade source said, while the wider market remained quiet.

• The refinery was inviting offers for crude oil to be loaded between August 1 and 30, a copy of the tender seen by Reuters showed.

• A lack of buying demand, particularly from China, has been weighing on the West African crude oil market and some grades like Middle Eastern and Latin American crudes have become cheaper for market participants.

• In the wider market, Nigeria's crude oil production rose to its highest level in more than six years in June, as stable operations and improved pipeline reliability boosted output, according to data released by the regulator on Sunday.

(Reporting by Seher Dareen; Editing by Shilpi Majumdar)

(([email protected]))

LONDON, July 10 (Reuters) - Nigeria's national oil company NNPC issued a tender calling for bids on one of its key crude grade, while the rest of the market remained subdued.

• NTL, NNPC's trading arm, issued a tender for bids on a cargo of its Bonny Light grade to be loaded in August 20-21.

• Differentials in the wider market have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.

• Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.

(Reporting by Seher Dareen, Editing by Louise Heavens)

(([email protected]))

LONDON, July 9 (Reuters) - The West African crude market was quiet on Thursday as demand waned and crude grades competed for market share against each other.

• Nigeria's Bonga for August 3 to August 4 loading was bought at dated flat in the Platts window earlier this week, traders said, while TotalEnergies offered Angolan Djeno at minus $14 to dated Brent.

• Differentials have been pressured by weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week.

• Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.

• In the wider market, ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add 40,000 barrels per day of oil production, Nigeria's upstream regulator said on Wednesday.

(Reporting by Seher Dareen. Editing by Mark Potter)

(([email protected]))

LONDON, July 8 (Reuters) - ExxonMobil sold Bonga to Repsol at dated Brent flat in the previous session, while West African crude differentials remained under pressure as demand waned and crude grades competed for market share against each other.

• ExxonMobil withdrew its offer of plus $1 against dated Brent of Nigeria's Bonga for Aug 3 to Aug 4 loading in the Platts window in the previous session, two traders said.

• After the window closed, Repsol bought the cargo at dated flat, one of the traders said.

• Earlier this week, TotalEnergies offered Angolan Djeno at minus $14 to dated Brent, another trader said.

• Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week. Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.

(Reporting by Seher Dareen; Editing by Toby Chopra)

(([email protected]))

LONDON, July 7 (Reuters) - West African crude differentials remained under pressure as the grades competed for market share against other crudes.

• In its latest tender, Indian Oil Corp bought cargoes of Angolan Kissanje, Dalia and Nembe and Nigerian Agambi and Usan, a trader said.

• Senning, a London-based subsidiary of China National Petroleum, offered down Chad's Doba crude to minus $4 to dated Brent in the previous session from minus $1.95 on July 1, he added.

• TotalEnergies sold its July-end Djeno grade, another trader said, which was first offered at minus $14 to dated Brent in the previous session.

• Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper into Europe, given that more cargoes are making it through the Strait of Hormuz, traders have said.

• In the wider market, Nigerian oil producer Renaissance Energy said it had made an oil discovery offshore Nigeria after drilling an exploration well in Oil Mining Lease 74, its first major success since taking over the asset last year.

• The country is currently pumping 1.71 million barrels of oil a day, NNPC Ltd chief Bashir Ojulari said, including record output of 365,000 bpd from the state oil firm's exploration and production unit.

• Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.

(Reporting by Seher Dareen; Editing by Vijay Kishore)

(([email protected]))

LONDON, July 6 (Reuters) - West African crude differentials remained under pressure on Monday, moving lower on a larger supply of crude.

• West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe and volumes from strategic reserves, traders have told Reuters.

• Additionally, Indian Oil Corporation issued a tender last week.

• In the wider market, Nigeria pumped around 1.65 million barrels per day in June, according to a Reuters survey on output by the Organization of the Petroleum Exporting Countries. It had a quota of 1.50 million bpd.

(Reporting by Seher Dareen)

(([email protected]))

LONDON, July 3 (Reuters) - West African crude differentials were under pressure from higher supply of crude, traders said on Friday, while an IOC buying tender was in focus.

• Indian Oil Corporation issued a tender whose results would be out soon, a trader said.

• "It feels like the levels are coming off ... freight (is also) too expensive," he added.

• Additionally, higher U.S. exports were also weighing on the market, with a lot coming into Europe, he said.

• West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe, volumes from strategic reserves and Caspian CPC Blend, traders and analysts said this week.

(Reporting by Seher Dareen, Editing by Louise Heavens)

(([email protected]))

MUMBAI, July 1 (Reuters) - Indian oil marketing companies have cut the price of 19 kg ⁠commercial LPG cylinders ​for industrial ​clients by 183.5 rupees ($1.94), with no change in rates for household cylinders, local media reported on Wednesday.

‌Indian Oil Corporation IOC.NS, India's largest state-run refiner ​and fuel retailer, in June had raised the ​price of ⁠commercial LPG cylinders to 3,113.50 rupees ​from 3,071.5 ​rupees amid a supply squeeze triggered by the Middle East crisis.

($1 = 94.6600 Indian rupees)

(Reporting by Shanima Aniyeri; Editing by Tom Hogue)

(([email protected];))

By Florence Tan and Emily Chow

SINGAPORE, June 24 (Reuters) - Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.

South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank.

VLCC Plata Carrier, chartered by Indian Oil Corp IOC.NS, is heading out of the strait with 2 million barrels of Saudi crude, alongside Suezmax tanker Prudent Warrior, which is heading for Sohar, Oman, with 1 million barrels of Iraqi Basrah crude, the data showed. Both are sailing under the Liberian flag.

Hyundai Oilbank and IOC could not be immediately reached for comment.

Kpler and Vortexa analysts estimated last week that close to 90 million barrels of crude were stuck inside the Gulf.

South Korea's maritime ministry said on Wednesday that four vessels operated by South Korean shippers had exited the strait and were sailing to their destinations, one to South Korea and the others to third countries.

Eighteen of the 26 vessels that had been stranded since the start of the Middle East conflict remain in the Gulf, the ministry said.

It was not immediately clear whether the ships were sailing along the temporary maritime corridors established by Oman and the International Maritime Organization to help ships leave the area safely.

Oman said it would keep the Strait of Hormuz open to shipping without imposing any tolls, having designated two temporary routes north and south of the existing shipping lane to facilitate the safe passage of vessels departing the region.

Two empty liquefied natural gas tankers — Shandong Redwood and Milaha Qatar — were the latest to be seen west of the strait to load cargoes from Qatar, shipping data showed.

This brings the known empty LNG ships transiting through the strait to load at Qatar to nine, the largest number since the war began.

Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal LNG production within a few weeks, the Financial Times reported on Wednesday.

(Reporting by Florence Tan and Emily Chow in Singapore, Nidhi Verma in New Delhi, Jonathan Saul in London; additional reporting by Jack Kim and Heejin Kim in Seoul; editing by Milla Nissi-Prussak)

(([email protected];))

By Nidhi Verma

NEW DELHI, June 23 (Reuters) - Indian Oil Corp IOC.NS has received no bids in tenders to charter vessels for lifting crude oil and liquefied petroleum gas cargoes from ports within the Strait of Hormuz, said two trade sources familiar with the matter.

India's top refiner and fuel retailer last week floated three tenders to charter a very large gas carrier (VLGC), a very large crude carrier and a Suezmax.

Indian state refiners mostly buy oil and LPG from the Middle Eastern producers on free-on-board basis.

A VLCC typically carries 2 million barrels of oil, and a VLGC can hold about 45,000 metric tons of LPG - a mix of propane and butane used in India mainly as a cooking gas. A Suezmax carries about one million barrels of oil.

"No one wants to take a risk as yet of going into the Strait. Most ship owners are in wait-and-watch mode as they want clarity on the terms of getting into the strait," said a ship broker.

Indian Oil was seeking to lift about 45,000 metric tons of LPG between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE.

The refiner was looking to charter a VLCC to lift oil from Mina Al Ahmadi between June 28 and 29 and a Suezmax for loading cargo between June 29 and 30 from Ras Al Khafji port in Saudi Arabia for deliveries on India's west coast.

(Reporting by Nidhi Verma; Editing by Raju Gopalakrishnan)

(([email protected]; X: @nidhi712;))

Refiles to fix errant uppercase letter in headline, no changes to story

By Nidhi Verma

NEW DELHI, June 18 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, issued a tender on Thursday to charter a very large gas carrier to lift liquefied petroleum gas from Qatar, Kuwait or the United Arab Emirates, a tender document showed.

The tender - the first to be issued by IOC since the U.S. and Iran signed an interim agreement to end their war and reopen the Strait of Hormuz - is seeking to lift cargoes between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait, or Ruwais in the UAE, the document showed.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

(([email protected]; X: @nidhi712;))

NEW DELHI/SINGAPORE, June 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.

The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading between June and August, the sources said.

The three crude grades are produced from fields inside the Gulf and must be shipped through the Strait of Hormuz.

The sales were conducted over the past two weeks, ahead of the signing of a preliminary agreement between the U.S. and Iran to end their conflict.

ASIAN BUYERS

Indian state refiners Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS have bought a combined 6 million barrels of Abu Dhabi oil so far this month, the sources said.

The cargoes were sold at parity or premiums of $1–$2 a barrel to Dubai prices on a cost-and-delivered basis via ship transfers at Fujairah, they added.

ADNOC's sales also included 3 million barrels of Das crude to Japan's largest refiner Eneos and 1 million barrels to South Korea's GS Energy.

For Upper Zakum, China's Unipec, the trading arm of state giant Sinopec, bought 6 million to 8 million barrels, while Vitol took 4 million barrels and Rongsheng Petrochemical 2 million barrels, the sources said.

South Korea's largest refiner SK Energy bought 7 million barrels of Umm Lulu crude, they added. Some cargoes were sold at premiums, two of the traders said. The companies typically do not comment on commercial sales.

ADNOC offered the cargoes on a free-on-board basis from storage at Fujairah, or from terminals at Zirku or Das Island, as well as via ship-to-ship transfers off the UAE, Oman or Malaysia. Buyers also had the option of cost-and-freight delivery.

ADNOC did not immediately respond to a request for comment.

Since the Iran war began, ADNOC has exported crude and products by switching off transponders to reduce the risk of Iranian attacks, with cargoes either transferred ship-to-ship or sailing directly to buyers.

(Reporting by Nidhi Verma in New Delhi, Siyi Liu and Florence Tan in Singapore. Editing by Mark Potter)

(([email protected];))

Updates with government statement in paragraphs 5-7

By Nidhi Verma and Kanjyik Ghosh

NEW DELHI, June 12 (Reuters) - India has barred commercial fuel buyers from purchasing gasoline and diesel from retail stations and capped daily diesel purchases to prevent local shortages amid disruptions to global supply chains due to the war in the Middle East.

Retail fuel station dealers have been directed to sell no more than 200 litres of diesel per customer or vehicle a day, according to a government order issued late on Thursday, which added that buyers cannot resell the fuel.

Commercial users such as trucking companies have been buying diesel from retail outlets of state-run companies, where prices are lower than at ​bulk supply points, leading to shortages at pumps in ‌some areas.

The government said restrictions were needed to ensure equitable availability of petrol and diesel, prevent diversion and hoarding, and maintain uninterrupted fuel supplies at fair prices.

PRICE ARBITRAGE

Diesel, which accounts for about 40% of India's fuel demand, is sold at market rates to industrial users at about 40 rupees per litre more than retail prices, the government said.

Diesel sales by private retailers, which price fuel closer to market rates, fell 58% last month, while those of state-run companies surged, with some areas seeing increases of more than 30%, the government said.

"The measures are aimed at large/bulk consumers who should not be procuring diesel from Retail Outlets to take undue advantage of the price arbitrage," it said.

India is a net exporter of refined fuels, but higher domestic sales at subsidised rates are hitting the profitability of state retailers Indian Oil Corp IOCL.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.

The three companies control about 90% of India's more than 100,000 fuel stations.

Referring to the Iran war, the order said geopolitical tensions have strained global petroleum supply chains, shipping logistics and product availability, making prudent management and conservation necessary.

The measures will remain in force for an initial period of up to 90 days unless revoked earlier, the order said.

($1 = 95.7500 Indian rupees)

(Reporting by Nidhi Verma in New Delhi and Kanjyik Ghosh in Barcelona. Editing by Sonali Paul and Mark Potter)

(([email protected];))

SINGAPORE, June 8 (Reuters) - Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies from the Strait of Hormuz due to the Iran war, people familiar with the matter said.

The delays, which affect a combined capacity of 500,000 barrels per day, could cap fresh Chinese oil demand as well as global crude prices as refiners in the world's top crude importer already face headwinds from flagging fuel consumption.

Huajin Aramco Petrochemical Co (HAPCO), a joint venture between Saudi Aramco 2222.SE and Chinese state-owned defense conglomerate Norinco Group and Panjin Xincheng Industrial Group, has pushed back the startup of its 300,000 bpd refinery in the northeastern city of Panjin to September or early October from May or June, five people familiar with the matter said.

Consultancy Energy Aspects has said it expects the refinery to start in the latter part of the third quarter because of feedstock supply uncertainty linked to the Hormuz disruption.

HAPCO did not immediately respond to a request for comment. Aramco declined to comment on questions about HAPCO's start-up timeline.

Aramco said in 2023 it would supply up to 210,000 bpd of crude to HAPCO. The project includes a 1.65 million metric tons-per-year (tpy) ethylene cracker and a 2 million tpy paraxylene unit.

Separately, the planned restart of a 200,000 bpd crude unit at PetroChina's Dalian refinery has been postponed indefinitely, according to three sources familiar with the project.

Reuters reported in January that the state oil firm planned to restart the plant around mid-year to capitalise on strong margins from processing discounted Russian crude. However, those discounts have largely disappeared since the conflict disrupted global supplies and increased competition for Russian barrels.

PetroChina, which has not publicly confirmed plans for the restart of the Dalian unit, did not respond to a request for comment.

The delays come as the Iran conflict has crunched refiners' margins, with the Middle East oil supply disruption driving up crude prices, while they face state fuel price caps. At the same time fuel demand has weakened due to electric vehicle growth.

As a result, throughput at China's refineries fell to about 13.3 million bpd in April, the lowest since August 2022, government data showed. That equates to about 69% of capacity, based on state refiners' estimates of total capacity at around 960 million metric tons a year, or about 19.2 million bpd.

INDIA AND CHINA LEAD CAPACITY ADDITIONS

Asia accounts for the bulk of new refinery capacity set to come online this year, according to analysts.

In India, state-owned Hindustan Petroleum Corp (HPCL) HPCL.NS and Indian Oil Corp IOC.NS are expected to add about 526,000 bpd refining capacity this year.

Start-up of HPCL's 180,000 bpd Barmer project was delayed a few months due to a fire, and the company has said it expects to commence operations there at 60% capacity starting this month.

Indian Oil Corp said in May that expansions at its Barauni, Gujarat and Panipat refineries will be completed in August, November and December respectively.

(Reporting by Siyi Liu, Trixie Yap in Singapore, Nidhi Verma in New Delhi and Sam Li in Beijing; Editing by Florence Tan and Sonali Paul)

(([email protected];))

June 6 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP RAISES LPG PRICE BY 29 RUPEES TO 942 RUPEES PER 14.2 KG CYLINDER IN DELHI - WEBSITE

Further company coverage: IOC.NS

(([email protected];))

June 5 (Reuters) -

• INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON GASOLINE SALES 9 RUPEES/LITRE, DIESEL 36.5 RUPEES/LITRE

• INDIA INDUSTRY SOURCE: STATE FUEL RETAILERS REVENUE LOSS ON LIQUEFIED PETROLEUM GAS SALES AROUND 700 RUPEES/14.2 KG CYLINDER

Source text: [ID:]

Further company coverage: BPCL.NS

(([email protected];;))