ONGC

Adds details in paragraphs 2-9

NEW DELHI, Sept 22 (Reuters) - The Indian government is planning to sell minority stakes in about half a dozen state-run companies, divestment secretary Arunish Chawla told television channel CNBC-TV18 on Monday.

Chawla did not disclose which companies will be considered for the sale of stakes, but Reuters has previously reported that India has plans to sell shares in five public sector banks including UCO BankUCBK.NS and Bank of MaharashtraBMBK.NS.

India also has to reduce its shareholding in the country's largest insurer, Life Insurance Corporation of India LIFI.NS, to meet the market regulator's minimum public shareholding norms.

Chawla said the government will make an initial public offering (IPO) of a state-run firm in the natural resources sector in the current financial year. The IPO could be of a state-run company or their subsidiaries, he added.

Chawla did not name the company, but ONGC ONGC.NS and NHPC NHPC.NS have been exploring listing of their green arms, ONGC Green Energy and NHPC Renewable Energy, respectively.

Minority stake sales and IPOs will help boost divestment proceeds for the government. India plans to raise 470 billion rupees through stake sales and asset monetisation in the current financial year through March 31, 2026.

India's receipts from dividends it receives from public sector companies would exceed its projected target, Chawla said. India has estimated 690 billion rupees ($7.83 billion) through dividends from state-run firms in the current financial year.

($1 = 88.1363 Indian rupees)

(Reporting by Nikunj Ohri, Editing by YP Rajesh & Shri Navaratnam)

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Sept 17 (Reuters) - Cochin Shipyard Ltd COCH.NS:

• COCHIN SHIPYARD- RECEIPT OF ORDER FOR DRY DOCK/ MAJOR LAY-UP REPAIRS OF A JACK UP RIG

• COCHIN SHIPYARD- ESTIMATED CONTRACT VALUE AROUND 2 BILLION RUPEES

Further company coverage: COCH.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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NEW DELHI, Aug 29 (Reuters) - Asia's naphtha refining profit margin was steady on Friday and the backwardation between prompt and front months cargo narrowed to $8.50 a ton.

The crack traded at $92.13 per metric ton over Brent crude, compared with $92.23 on the previous day.

In tenders, India's HPCL was heard to have sold naphtha for delivery from September 6-8 at a premium of about $20 a ton, market participants said.

Meanwhile, Russian energy company Novatek partially resumed gas condensate processing at its complex in the Baltic port of Ust-Luga, two market sources said on Friday, after suspending the operations last weekend due to a fire after a drone attack.

NEWS

- Indian refiners boosted U.S. crude oil purchases this month, drawn by competitive prices, trade sources said, a move that could help narrow the country's trade deficit with the United States amid tensions between the two nations.

- Freight rates for Russian crude shipments from Baltic ports to India have risen in August, driven by fresh European Union sanctions and increased demand for tankers after higher loading volumes this month, trade sources said and shipping data showed.

SINGAPORE CASH DEALS O/AS

Two naphtha deals.

PRICES

(Reporting by Mohi Narayan; Editing by Sonia Cheema)

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SINGAPORE, Aug 27 (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)

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NEW DELHI, Aug 26 (Reuters) - India's state-run Oil and Natural Gas Corp (ONGC) ONGC.NS is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said at an industry event.

ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets.

The plan is at a preliminary stage and "an internal group has been formed to discuss and look into the modalities, including legal issues," said Rajarshi Gupta, managing director at ONGC Videsh.

The trading unit will help ONGC look at sales and purchase of crude oil and refined fuels.

ONGC annually produces about 42 million tonnes of oil, while its refining subsidiaries Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals MRPL.NS together import about 45-50 million tonnes.

"We control about 100 million tonnes of oil within the group," said Gupta.

(Reporting by Nidhi Verma; Editing by Janane Venkatraman)

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Aug 25 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• OIL AND NATURAL GAS CORPORATION LTD - COMMENCES MONETISATION OF CHINNEWALA TIBBA GAS

• OIL AND NATURAL GAS CORPORATION LTD - STARTS NATURAL GAS SALES FROM DSF-II BLOCK

Source text: ID:nBSE93GZ3c

Further company coverage: ONGC.NS

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By Jeslyn Lerh and Mohi Narayan

SINGAPORE/NEW DELHI, Aug 14 (Reuters) - Reliance Industries RELI.NS, India's biggest buyer of Russian oil, has in recent weeks made rare fuel oil purchases from state-run Hindustan Petroleum Corp, seven industry sources said.

The purchases suggest the operator of the world's largest refining complex is diversifying its fuel oil sources as India comes under heavy pressure from Washington over its energy ties with Russia.

Reliance and HPCL did not respond to emails seeking comments.

Reliance has in recent years snapped up cheap supplies of Russian crude and fuel oil, which have been sold at a discount after Western entities shunned purchases and imposed sanctions against Moscow since the Ukraine war.

However U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, has threatened further levies if India continues to buy Russian oil.

Reliance bought two cargoes of high-sulphur fuel oil (HSFO) from HPCL via tenders that closed in late July to early August, the sources said.

The cargoes, of 33,000 metric tons or 209,550 barrels each, are scheduled for loading on August 23-25 and September 8-10 from Visakhapatnam Port, they added. The sources declined to be named as they were not authorised to speak to the media.

Reliance typically buys most of its fuel oil from Russia for processing at its coker into higher-value products.

This month, Russian fuel oil exports to India are expected to drop below 400,000 tons from above 750,000 tons in July, data from shipping analytics firm Kpler showed. Almost all of the cargoes are imported by Reliance, the data showed.

"It's a recent phenomenon (for Reliance) to diversify their slate with cheaper residue barrels," a source familiar with India refinery operations said.

Indian state refiners are awaiting clarity from the government on whether to continue importing Russian oil, while Reliance is likely to switch back to Middle Eastern oil if Russian oil is no longer an option, traders have said.

Reliance's refining complex at Jamnagar in western India can process about 1.4 million barrels per day of crude.

(Reporting by Jeslyn Lerh in Singapore, Mohi Narayan and Nidhi Verma in New Delhi; Editing by Florence Tan and Jan Harvey)

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

• INDIA ONGC EXEC SAYS LOOKS AT BUYING 600,000 T/YEAR ETHANE FOR WEST INDIA PETCHEM PLANT

• INDIA ONGC EXEC SAYS EXPECT FORCE MAJEURE ON MOZAMBIQUE LNG PROJECT TO BE LIFTED IN AUG-SEPT

Further company coverage: ONGC.NS

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** Oil and Natural Gas Corporation ONGC.NS trading flat at 235 rupees ahead of Q1 results

** On average, analysts expect Q1 profit to have fallen ~10% y/y to 80 bln rupees ($913 mln), per data compiled by LSEG

** Elara Capital sees falling crude oil prices impacting earnings of upstream cos like ONGC, Oil India OILI.NS

** Expects ONGC's Q1 EBITDA to dip 3% y/y amid lower oil prices, offset by higher gas realisation

** Co's crude oil realisation estimated at $66.1/bbl, down 20% y/y, 10% q/q

** Stock rated "buy" on avg; median PT is 285 rupees, per data compiled by LSEG

** YTD, ONGC falls ~2% vs 4.4% rise in Nifty 50 .NSEI

($1 = 87.6450 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

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By Nidhi Verma

NEW DELHI, Aug 8 (Reuters) - India's Hindustan Petroleum Corp HPCL.NS is scouting for alternative crudes to protect itself if it were to stop buying Russian oil due to higher prices and sanctions, its chairman Vikas Kaushal said on Friday.

Indian state refiners have paused buying Russian oil imports as it has become pricey, and President Donald Trump's threatened to impose a penalty on the South Asian nation for purchasing Russian oil.

Trump has decided to impose an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

Kaushal said that while there was no official directive from the government regarding the purchase of Russian oil, HPCL's Russian oil intake in the June quarter fell to 13.2% due to narrowing discounts.

"It's not because of any geopolitical reason. It was an economic decision based on what we needed to run in our refineries," Kaushal told an analyst call.

HPCL remains open to buying Russian oil if it becomes competitively priced again, he said, adding the company would be able to absorb the financial loss for not processing Russian oil as it has already cut its Russian oil processing.

HPCL directly controls 490,000 barrels per day refining capacity, and has a stake in private refiner HPCL-Mittal Energy Ltd, which operates a 226,000 bpd plant in northern India.

It is also building a 180,000 bpd refinery at Barmer in the desert state of Rajasthan.

HPCL has broadened its supplier base for crude imports and streamlined its crude import strategy, sourcing 4 million barrels through a single tender instead of multiple offers.

(Reporting by Nidhi Verma; Editing by Stephen Coates)

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SINGAPORE, Aug 6 (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; Editing by Jan Harvey)

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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

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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)

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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

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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.

Follow Shritama Bose on Linkedin and X.

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)

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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)