ONGC

Repeats story with no changes to text

By Nidhi Verma and Mohi Narayan

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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July 23 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• OIL AND NATURAL GAS CORPORATION LTD - SERVICE TAX DEMAND OF 1.12 BILLION RUPEES AGAINST ONGC

Source text: ID:nNSE1KHFWz

Further company coverage: ONGC.NS

(([email protected];))

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

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

The tender closes on July 21.

(Reporting by Emily Chow; Editing by Himani Sarkar)

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

July 17 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• INDIA'S ONGC EXPLORING SETTING UP 10 TO 12 MTPA REFINERY AT JAMNAGAR IN WESTERN INDIA - SOURCE

Source text: [ID:]

Further company coverage: ONGC.NS

(([email protected];;))

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

By Shritama Bose

MUMBAI, July 16 (Reuters Breakingviews) - India's largest company might help to grease its trade deal with the world's biggest economy. U.S. President Donald Trump's threat to impose secondary sanctions on buyers of Russian exports within 50 days may look awkward for the $234 billion Reliance Industries RELI.NS, which signed a 10-year deal to buy cut-price crude from Moscow-headquartered Rosneft ROSN.MM just seven months ago. But Mukesh Ambani's conglomerate is deftly marrying commercial value with New Delhi's geopolitical goals.

Trump's aggressive stance towards the Kremlin gives the U.S. a timely lever in tariff talks with the South Asian country. India is the second-largest buyer of Russian crude behind China and the main client for its flagship Urals oil. Its imports from Moscow climbed to their highest in 11 months in June, Press Trust of India reported, citing data from commodity tracking firm Kpler. Jefferies analysts reckon it accounts for up to 35% of Indian crude imports.

Yet for Reliance, as well as India, the gains from Moscow's discounted crude are anyway fading. Discounts on Russian Urals bound for Indian ports in July hit their narrowest levels since 2022, Reuters reported, citing unnamed traders, partly on greater demand from Turkey, which tightened supply.

Elsewhere, the company has spotted an opportunity in absorbing U.S. supplies of ethane after Washington required its exporters to seek licences to ship to top buyer China. A tanker loaded with U.S. shale gas headed to India in June, the final buyer of which, Reuters reported citing Kpler data, was Reliance; it was the first time the vessel had journeyed anywhere other than the People's Republic since 2022. That should favour New Delhi in trade talks with Washington.

Oil markets are discounting Trump's sanctions threat, but Ambani doesn't have to worry too much even if they prove wrong. Reliance's Jamnagar refinery is one of the world's most complex, allowing it to lucratively process a wide variety of crude: the company logged a gross refining margin of 860 rupees ($10) for the year to the end of March 2025, 34% higher than state-backed rival Oil and Natural Gas Corporation ONGC.NS, per analyst estimates on Visible Alpha. Reliance is in a strong position whichever way the geopolitical winds blow.

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CONTEXT NEWS

U.S. President Donald Trump threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal within a 50-day grace period, Reuters reported on July 14.

“We’re going to be doing secondary tariffs,” Reuters cited Trump as saying. “If we don’t have a deal in 50 days, it’s very simple, and they’ll be at 100%.”

A White House official said on July 14 that Trump was referring to 100% tariffs on Russian goods as well as secondary sanctions on other countries that buy its exports.

(Editing by Una Galani; Production by Ujjaini Dutta)

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

July 14 (Reuters) - Two employees of India's Mangalore Refinery and Petrochemicals Ltd (MRPL) MRPL.NS died on Saturday when they were checking tank levels at a plant, the company said on Monday.

They were found unconscious on the tank roof top platform and were declared dead when they were shifted to a nearby hospital, MRPL said. They were field operators.

The company did not specify the location of the plant.

The company, a subsidiary of ONGC ONGC.NS, added it has formed a committee to investigate the incident.

(Reporting by Hritam Mukherjee and Yagnoseni Das in Bengaluru; Editing by Mrigank Dhaniwala)

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July 11 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• FITCH: - AFFIRMS OIL AND NATURAL GAS CORPORATION AT 'BBB-'; OUTLOOK STABLE

Source text: ID:nFITbHJdFy

Further company coverage: ONGC.NS

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SINGAPORE, July 8 (Reuters) - For tenders of crude and oil products, please click:

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

(Reporting by Jeslyn Lerh)

(([email protected]))

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

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

(further updates recent tenders closed)

(Reporting by Jeslyn Lerh; Editing by Rashmi Aich)

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Adds details, background from paragraph 2 onwards

July 3 (Reuters) - India's Oil and Natural Gas Corporation ONGC.NS said on Thursday it has signed an agreement with Japan's second-largest shipping company, Mitsui O.S.K. Lines 9104.T, to build and operate two very large ethane carriers (VLECs).

Under the agreement, the VLECs will ship imported ethane to ONGC Petro additions Ltd (OPaL), a unit of ONGC that operates a dual-feed cracker facility.

ONGC is planning to source 800,000 tons per year of ethane to secure feedstock for OPaL from May 2028, Reuters reported earlier this year.

The agreement is subject to ONGC board's approval, it said in a statement to the exchanges.

(Reporting by Manvi Pant; Editing by Vijay Kishore and Sonia Cheema)

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June 27 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD - DURING SERVICE OPERATIONS ON 12 JUNE, BLOWOUT OCCURRED AT WELL

• ONGC LTD - COMPLETED CAPPING OPERATION AT WELL

Source text: [ID:]

Further company coverage: ONGC.NS

(([email protected];))

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

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

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

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

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

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

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

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Anmol Choubey in Bengaluru; Editing by Sonia Cheema)

(([email protected];))

By Nidhi Verma

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

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

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

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

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

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

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

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

($1 = 86.5650 Indian rupees)

(Reporting by Nidhi Verma; Editing by Harikrishnan Nair)

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

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

By Shritama Bose

MUMBAI, June 18 (Reuters Breakingviews) - India's expectations from its state-owned enterprises are unrealistic. New Delhi wants the profitable ones to make larger and more frequent dividend payments. That can boost government revenue, but the push overlooks companies' shrinking cash piles.

State companies paid out record dividends worth 1.5 trillion rupees ($17.31 billion) during the year ended March, with Oil and Natural Gas Corporation ONGC.NS and lenders including State Bank of India SBI.NS among the top payers. Overall, public sector companies distributed about a quarter of total dividends in the last financial year despite accounting for one tenth of India's market capitalisation.

Now the South Asian country is asking the cohort to increase dividends by about 25% for the financial year to the end of March 2026, Bloomberg reported this month, citing sources, and make the payments on a quarterly basis rather than annually. This looks like a step in the opposite direction of the government's own guideline from November, which relaxed the minimum yearly dividend requirement to the lower of 30% of net profit or 4% of net worth.

There is mounting budget angst. Earlier this year, Arunish Chawla, a secretary in the ministry of finance, argued high payouts are why mutual funds ought to include state-run firms in their investment portfolios. One unspoken aim may be to support public valuations. This would, in turn, help the government to raise revenue by selling state assets. Ensuring payouts at three-month intervals also could help stabilise inflows: tax income turned lumpy after GDP growth slowed through part of last year. The latest personal income tax cuts also will eat into future revenue.

Companies have limited room to step up, however. The cumulative free cash flows after deducting common dividends at eight large non-financial state-owned enterprises stood at 615 billion rupees ($7.14 billion) in March 2024, may have turned negative as of March, and could fall further by 2026, per estimates by Fitch Ratings. That's because the capital expenditure of companies like energy producer NTPC NTPC.NS and utilities provider Power Grid PGRD.NS is rising.

Investors typically shun or discount government-controlled companies precisely because they are vulnerable to official meddling in how they manage their finances. Making too high demands on the state sector is one way to ensure it shrinks sooner rather than later.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

The Indian government is asking state-run companies to increase dividend payouts by about 25% during the financial year to March 31, 2026, to bolster finances in a volatile global environment, Bloomberg reported on June 2, citing unnamed people with knowledge of the matter.

The government is requesting companies to make these payments on a quarterly basis rather than annually, the report added, and wants to collect about 900 billion rupees ($10.5 billion) through dividends in the year through March 2026 compared with 740.2 billion rupees received in the previous year.

(Editing by Una Galani; Production by Ujjaini Dutta)

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

June 13 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• UPDATE ON GAS RELEASE INCIDENT AT ONGC RUDRASAGAR FIELD

• EFFORTS UNDERWAY TO CONTROL CONTINUOUS GUSH OF GAS FROM RDS#147A IN RUDRASAGAR FIELD

• REQUIRED FLUIDS FOR SUBDUE OPERATION MADE READY, NEXT STEP IN OPERATION EXPECTED TO START AT DAYBREAK TOMORROW

Source text: [ID:]

Further company coverage: ONGC.NS

(([email protected];))

May 5 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• SHELL, RELIANCE, AND ONGC COMPLETE OFFSHORE FACILITIES DECOMMISSIONING PROJECT - STATEMENT

Source text: [ID:]

Further company coverage: ONGC.NS

(([email protected];;))

By Khushi Malhotra

MUMBAI, April 24 (Reuters) - India's Hindustan Petroleum Corp HPCL.NS plans to raise 25 billion rupees ($293 million), including a greenshoe option of 20 billion rupees, by selling bonds maturing in five years, three merchant bankers said on Thursday.

The company has invited bids from bankers and investors for the issue on Monday, they said.

HPCL did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on April 24:

*Size includes base plus greenshoe for some issues

($1 = 85.3130 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected]))

April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

(([email protected]; +91 7982114624;))

April 15 (Reuters) - India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, said Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, on Tuesday at an event in Delhi.
Two of the coal bed methane blocks are in the state of West Bengal and one in the western state of Gujarat.
India also signed contacts for oil and gas blocks, offered under a licensing round earlier this year, Govil said, as the world's third largest oil consumer seeks to boost its local output.

The country imports over 80% of its over 5 million barrels per day of oil needs.
India's top explorer Oil and Natural Gas Corp ONGC.NS signed contracts for exploration of 11 blocks, while Oil India OILI.NS signed for six blocks.
ONGC also signed an exploration contract for one block in tie up with BP BP.L and Reliance Industries RELI.NS, and teamed up with Oil India for three blocks.
Vedanta VDAN.NS signed contracts for seven blocks and Hindustan Oil Exploration Company HOEX.NS for one block.

(Reporting by Nidhi Verma in New Delhi; Editing by Shinjini Ganguli)

(([email protected]; +91 7982114624;))

** Shares of oil explorers Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS drop 1.5% and 1.7% respectively

** Oil prices fell to their lowest in more than four years on looming demand concerns fuelled by an escalating tariff war between the U.S. and China O/R

** Lower crude prices reduce the average selling price for exploration companies such as ONGC and OILI, weighing on their earnings

** Since U.S. President Donald Trump announced new tariffs on April 2, shares of these two companies have fallen 11% and 11.7% respectively

** Over the same period, Nifty Oil & Gas .NIFOILGAS and Nifty Energy .NIFTYENR fell 5% and 5.4% respectively

(Reporting by Ashish Chandra in Bengaluru)

(([email protected]; +91 7982114624))

By Nidhi Verma

April 3 (Reuters) - India's gasoline demand is expected to peak by 2035, and gasoil (diesel) consumption by 2041 or beyond as motorists shift to cleaner fuels, an executive at Reliance Industries RELI.NS said on Thursday.

India, seen as a key driver for global oil demand growth, has set a goal to eliminate net carbon emissions by 2070.

India is set to lead global oil demand growth this year, surpassing China, with fuel consumption expected to increase throughout the next decade.

"Energy transition is absolutely on the cards. In our country it is not going to be one fuel which is going to be dominant," said Harish Mehta, president of Strategy and Business Development at Reliance Industries.

Apart from gasoline and gasoil, India will see a dominant role of gaseous fuels such as liquefied natural gas, compressed natural gas and compressed biogas in the transportation sector along with electric mobility, Mehta said at an event run by Petroleum Planning and Analysis Cell.

India would have a "bouquet of energy sources or the fuels for transport and other things" simultaneously.

Reliance, which operates the world's largest refining complex at Jamnagar in western Gujarat, has two refineries at the complex processing about 1.4 million barrels of crude per day.

To make the fuels affordable and mitigate the impact of volatility in global oil markets for consumers, he expects India's government to continue to intervene in local fuel pricing.

India's oil and gas consumption is expected to grow at 3-4% annually, requiring a push to boost domestic hydrocarbons production, said A. K. Singh, chairman of Oil and Natural Gas Corp ONGC.NS.

Indian Oil Corp IOC.NS chairman, A S Sahney, said as India's energy demand continues to rise, state refiners are expanding capacities by about 20% in the next two years.

(Reporting by Nidhi Verma;Editing by Elaine Hardcastle)

(([email protected]))

NEW DELHI, March 31 (Reuters) - India has raised the price of its locally produced gas from oil fields by nearly 4% to $6.75 per million metric British thermal units (mmBtu) for April, compared with $6.50/mmBtu for the previous month, a government website showed on Monday.

It is the first revision in two years in the price of gas produced from old fields. In 2023, India fixed a cap of $6.50 per mmBtu for two years with a provision of an annual upward revision of 25 cents from the third year.

India has also set the ceiling price for gas to be produced from difficult fields at $10.04 per mmBtu for April-September, compared to $10.16 per mmBtu in the previous six months, the website of the Petroleum Planning and Analysis Cell of the oil ministry showed.

The prices will be applicable on a gross heat value basis.

Higher prices of gas produced from oil fields will lead to higher earnings for Oil and Natural Gas Corp and Oil India while raising the prices for industrial buyers and companies in the fertiliser and city gas distribution sectors.

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

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

** Shares of Oil and Natural Gas Ltd ONGC.NS and Bharat Petroleum Corp BPCL.NS up 3% and 1%, respectively

** Stocks rise following Reuters' report on Thursday, citing sources, that Saudi Aramco was in talks to invest in two planned refineries in India

** Aramco was in separate talks with BPCL and ONGC to invest in their refineries, according to the report

** ONGC is among the top gainers on the Nifty 50 index .NSEI, which is down 0.4%

** ONGC's trading vols at 2.5x its 30-day avg, while BPCL vols at nearly equal to its 30-day avg

** YTD, ONGC up 4%, while BPCL is down about 5%

(Reporitng by Nishit Navin)

(([email protected];))

Corrects paragraph 14 to say India's foreign ministry did not respond to a request for comment

By Nidhi Verma

NEW DELHI, March 27 (Reuters) - Saudi Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, several Indian sources with direct knowledge of the matter said.

India, the world's third-biggest oil consumer and importer, wants to become a global refining hub as Western companies cut crude processing capacity in their shift to cleaner fuels.

Meanwhile, Saudi Arabia's share of India's oil imports has declined as refiners that have invested billions of dollars in upgrading their plants diversify crude sources to tap cheaper alternatives, including from Russia.

Aramco is in separate talks to invest in Bharat Petroleum Corp's (BPCL) BPCL.NS planned refinery in the southern state of Andhra Pradesh and a proposed Oil and Natural Gas Corp (ONGC) ONGC.NS refinery in western Gujarat state, the sources said.

Aramco, BPCL and ONGC did not immediately respond to requests for comment.

Both Indian firms are state-controlled.

While ONGC's Gujarat refinery plans are at a nascent stage, BPCL's chairman said in December that it aimed to invest $11 billion in its Andhra Pradesh refinery and petrochemical project.

Two refinery sources said separately that the projects would proceed regardless of whether Aramco invests.

"It all depends on the proposal that Aramco gives," one of them said.

Sources said state-controlled Aramco proposes to supply oil equivalent to three times its stake in each project, and wants to sell its share of production either in India or by export.

"We want flexibility in crude procurement. If we give them 30% stake, they want to supply crude equivalent to 90% of the capacity, which is not possible," the second refinery source said.

Other details, including potential investment size and the configuration of the planned refineries, were not immediately available.

Indian Prime Minister Narendra Modi plans to visit Saudi Arabia in the second quarter, and the two countries will attempt to reach an agreement before the visit, said a third source with knowledge of the matter.

India's foreign ministry did not respond to a request for comment.

Aramco has long been scouting for refining opportunities in India.

In 2018 it joined a consortium of Indian companies to build a 1.2 million barrels per day refinery and petrochemical project in western India and in 2019 it signed a non-binding agreement for a 20% stake in Reliance Industries' RELI.NS oil to chemical business.

However, the huge refinery project has been delayed by difficulties over procuring land and the deal with Reliance was called off due to differences over valuation.

In January, Indian Oil Minister Hardeep Singh Puri said India would look to set up three refineries of 400,000 bpd each.

(Reporting by Nidhi Verma. Additional reporting by Shivam Patel in New Delhi and Yousef Saba in Dubai. Editing by Mark Potter)

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Corrects paragraph to show throughput fell 4.5%, not rose

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 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)

(([email protected] ; If within U.S. +1 646 223 8780;;))

March 17 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• OIL AND NATURAL GAS CORPORATION - RECEIVES ORDER FROM JOINT COMMISSIONER STATE TAX, JODHPUR

• ONGC - GETS TAX DEMAND OF 113.2 MILLION RUPEES, INTEREST OF 95.1 MILLION RUPEES, PENALTY OF 11.3 MILLION RUPEES

Source text: ID:nBSE3Z6K1k

Further company coverage: ONGC.NS

(([email protected];))

March 11 (Reuters) - NTPC Ltd NTPC.NS:

• INDIA COMPETITION REGULATOR- APPROVES PROPOSED COMBINATION INVOLVING ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN

Source text: [ID:]

Further company coverage: NTPC.NS

(([email protected];;))

March 7 (Reuters) - ONGC Petro Additions:

• DEVELOPMENT COMMISSIONER GRANTS FINAL EXIT TO CO FROM DAHEJ SPECIAL ECONOMIC ZONE

• CO SHALL OPERATE AS A DOMESTIC TARIFF AREA UNIT

Source text: ID:nBSE6D0zhh

Further company coverage: ONGC.NS

(([email protected];;))

Adds details, background

March 4 (Reuters) - India's Reliance Industries RELI.NS said on Tuesday the country's Petroleum and Natural Gas Ministry has raised a demand of $2.81 billion from the company, BP Exploration and Niko in a gas drilling dispute case.

On February 14, a division bench at Delhi High Court ruled against Reliance and its partners in a dispute regarding extraction of gas in a deepwater field in India's KG D6 block in the Krishna Godavari basin in the country's eastern coast.

The company has been legally advised that the division bench judgment and this provisional demand are unsustainable and is taking steps to challenge the judgment, Reliance said in an exchange filing, adding it does not expect any liability due to this case.

Reliance had earlier said that it would appeal the decision in the country's Supreme Court.

The Indian government in 2016 sent a notice to Reliance and its partners, asking to deposit about $1.55 billion on account of alleged gas migration from nearby blocks of state-run ONGC ONGC.NS.

Reliance contested the claims and an arbitral tribunal in July 2018 upheld the company's claims.

The Indian government filed an appeal and in May 2023, a single judge of Delhi High Court upheld the arbitration award, dismissing the government's appeal.

In February 2025, a division bench of the Delhi High Court set aside the single judge order, ruling against Reliance and its partners.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))