IOC

May 6 (Reuters) - Indian state-run refiner Hindustan Petroleum Corp (HPCL) HPCL.NS reported a rise in fourth-quarter profit on Tuesday, aided by higher marketing margins.

Standalone net profit rose 18% to 33.55 billion rupees (about $398 million) in the quarter ended March 31.

HPCL's average gross refining margin - the profit from making refined products from one barrel of oil - rose to $8.44 per barrel for the reported quarter from $6.95 per barrel a year ago.

For further results highlights, (click here).

KEY CONTEXT

India saw mixed demand for fuel in the January to March quarter, with overall demand falling in two of the three months and LPG demand rising for the most of the fourth quarter.

HPCL's marketing segment posted a 2.7% growth in domestic sales, surpassing the industry average of 2.4%, it said in a statement.

Last month, peer IOC reported a jump in quarterly profit on inventory gains, booked as a result of rising oil prices during the refining and shipping process.

Analysts said the cost of crude oil - used by refiners as raw material - fell in the quarter, helping rise in margins.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG
-- $1 = 84.3100 rupees

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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

No immediate comment was available from Trafigura and Indian Oil.

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

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By Uditha Jayasinghe

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

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

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

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

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

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

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

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

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

(Reporting by Uditha Jayasinghe; Editing by Christopher Cushing)

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April 23 (Reuters) -

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

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

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April 18 (Reuters) -

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

Source text: ID:nnAZN3Q51G6

Further company coverage: IOC.NS

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

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

($1 = 85.9000 Indian rupees)

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

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By Uditha Jayasinghe and Shivam Patel

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

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

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

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

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

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

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

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

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

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

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

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

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By Nidhi Verma

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

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

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

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

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

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

IOC did not respond to a Reuters request for comment.

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

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

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

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

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

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

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

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

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

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

• DELIVERS AUTOMATION AND DIGITAL TECHNOLOGY FOR INDIANOIL PIPELINE

• PROVIDES 10-YEAR CARE CONTRACT FOR INDIANOIL PIPELINE SUPPORT

Source text: ID:nBSE321bqw

Further company coverage: ABB.NS

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By Nidhi Verma and Manoj Kumar

NEW DELHI, March 28 (Reuters) - India is considering a proposal to scrap import tax on U.S. liquefied natural gas (LNG) to boost purchases and help cut the trade surplus with Washington, a key irritant for President Donald Trump, four government and industry sources said.

The United States is India's second biggest supplier but the two sides are looking to ramp up volumes for India's energy-hungry economy, one of the fastest growing in the world.

During Prime Minister Narendra Modi's U.S. visit last month, India pledged to increase U.S. energy purchases by $10 billion to $25 billion in the near future, while both leaders agreed to target $500 billion in bilateral trade by 2030.

Scrapping the import tax would make U.S. LNG more price competitive, and help trim India's trade surplus with the U.S., another government source said. The surplus totalled $45.4 billion last year.

"We are considering ending the imports tax on U.S. LNG under the bilateral trade agreement, similar to our model with the UAE," one of the sources familiar with the matter said.

India currently imposes a 2.5% basic customs duty and an additional 0.25% social welfare tax on LNG, but tax is not levied on supplies from the United Arab Emirates (UAE) and Australia under bilateral agreements.

The sources spoke on condition of anonymity due to the senstivity of the talks. India's oil and finance ministries did not immediately respond to emailed requests for comment.

Unlike Canada and the European Union, India is actively seeking to appease the Trump administration as it ratchets up pressure on trading partners, and is open to cutting tariffs on over half of U.S. imports worth $23 billion, Reuters reported earlier this week.

Also, China's 15% import tax imposed last month on LNG imports from the U.S. could divert trade of the super-chilled fuel to India, where the International Energy Agency expects a 60% jump in gas use between 2023 and 2030, with imports of LNG doubling over that period.

BIG LNG BUYER

India, the world's fourth-biggest LNG importer, imported 25.9 million tonnes of LNG worth about $14.2 billion in the first 11 months of the current fiscal year to March 31, government data showed.

LNG imports are on track to average about 27-28 million tonnes in this fiscal year, with U.S. supplies accounting for 20%-25% of that, a third source said.

India's U.S. LNG imports are driven by state-run GAIL (India) Ltd's GAIL.NS long term deals with U.S. companies to buy 5.8 million tons of LNG annually.

GAIL has also said it would revive plans to buy a stake in a U.S. LNG plant or secure a long-term U.S. LNG deal after Washington lifted a ban on export permits for new projects, part of Trump's agenda to maximise U.S. energy development.

Indian companies including GAIL, Indian Oil Corp IOC.NS, and Bharat Petroleum Corp BPCL.NS are talking to U.S. companies for additional LNG sourcing, Oil Secretary Pankaj Jain said last month.

India's oil ministry has asked companies to raise energy imports, wherever possible, a government source said.

Apart from LNG, India can also raise U.S. imports of petrochemicals, ethane, propane and butane, the source said.

(Reporting by Nidhi Verma and Manoj Kumar
Editing by Tony Munroe, William Maclean)

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By Nidhi Verma

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Adds detail

March 25 (Reuters) - Indian refiners' throughput in February fell 4.5% year on year to 5.12 million barrels per day (21.67 million metric tons), provisional government data showed on Tuesday.

Refinery throughput in January was at 5.61 million barrels per day (23.74 million metric tons).

India's crude oil imports fell 9.9% month on month to 19.10 million tons in February, the lowest since November 2024, according to government data released on Thursday, while February fuel demand fell 5.4% from the same month last year.

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

Meanwhile, U.S. exports of crude oil to India last month climbed to their highest in more than two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

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

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

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

(Reporting by Rahul Paswan in Bengaluru
Editing by David Goodman)

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NEW DELHI/SINGAPORE, March 24 (Reuters) - Indian refiners will issue fewer tenders for crude oil purchases on the spot market in the coming months, company sources said on Monday, as Russian supplies bounce back from sanctions-related disruptions.

Indian state refiners had all but stopped issuing spot tenders before this year as they gorged on Russian oil that has sold at a discount since some Western nations halted purchases and hit Moscow with sanctions over its 2022 invasion of Ukraine.

But in January, the U.S. Treasury toughened its measures targeting Moscow's energy sector, slapping sanctions on 183 vessels that had been shipping Russian oil.

Companies operating in India, including Indian Oil Corp IOC.NS and state-run Bharat Petroleum Corp BPCL.NS, turned to the spot market in their scramble to replace the disrupted Russian supplies.

Three sources with Indian refiners, however, told Reuters that their companies planned to begin issuing fewer spot tenders as traders have again begun offering Russian oil shipped with non-sanctioned tankers.

The sources asked not to be named as they were not authorised to speak to journalists.

March saw imports of Russian oil to India - the world's third-biggest oil importer - return nearly their previous levels following a 3-month decline, as cargo deliveries resumed and some supplies were diverted from Turkey.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Joe Bavier)

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

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

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

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By Arathy Somasekhar

HOUSTON, March 6 (Reuters) - U.S. exports of crude oil to India last month climbed to their highest in over two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

The U.S. exported about 357,000 barrels per day (bpd) of crude to India, the world's third-biggest oil importer and consumer, in February, ship tracking data from Kpler showed. That compared with exports of about 221,000 bpd last year.

The jump in exports to India underscores how multiple rounds of sanctions imposed by Washington on ships and entities dealing with oil from Iran and Russia since October are disrupting trade with major importers of their oil.

India said last month its energy purchases from the U.S. could go up to $25 billion in the near future from $15 billion last year.

"Indian refiners are trying to diversify their crude supplies, especially light-sweet barrels," said Rohit Rathod, a senior analyst with ship tracking firm Vortexa.

"Sanctions on Russian vessels that came in recently only pushed Indian buyers to look elsewhere," he added.

About 80% of the crude exported to India was light sweet West Texas Intermediate-Midland crude, according to the data.

Top buyers included Indian Oil Corp IOC.NS, Reliance Industries RELI.NS and Bharat Petroleum Corp BPCL.NS, according to the data, while top sellers in the U.S. included oil producer Occidental Petroleum OXY.N, majors Equinor EQNR.OL and Exxon Mobil XOM.N and trading house Gunvor GGL.UL.

The companies did not immediately reply to requests for comments or declined to comment.

The U.S. also exported a record 656,000 bpd of crude to South Korea in February, as a 10% tariff on U.S. oil by China rerouted flows.

Exports to China from the United States eased to 76,000 barrels per day, among the lowest volumes in the last five years.

(Reporting by Arathy Somasekhar in Houston; Editing by Liz Hampton and Marguerita Choy)

(([email protected]; +1 832 610 7346; Twitter: @ArathySom;))

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

CONTEXT

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

WHY IS IT IMPORTANT

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

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

($1 = 87.2440 Indian rupees)

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

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

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

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

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

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

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

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

($1 = 86.6650 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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Adds details on Cheniere's annual financial performance in paragraph 4

Feb 20 (Reuters) - U.S. liquefied natural gas exporter Cheniere Energy LNG.N forecast 2025 core profit largely below Wall Street expectations on Thursday, after reporting a sharp fall in annual earnings and lower LNG revenue due to weaker prices.

The LNG market remained relatively tight in 2024 as a result of low supply capacity growth, strong demand outside Europe and continued geopolitical tensions.

Despite the favourable market conditions, annual spot prices were overall lower than in 2023.

Cheniere reported a 67% slump in net income, a 30% decline in earnings before interest, taxes, depreciation and amortisation while revenue fell 23% in 2024 compared to 2023. It also blamed the results on some unfavourable accounting changes.

The company reported LNG revenue of $14.89 billion for the year ended December 31, compared with $19.56 billion in 2023.

Cheniere, the largest U.S. LNG exporter, said it is banking on the expected completion of the Corpus Christi expansion project this year to increase supplies of the superchilled gas.

It has the capacity to produce about 45 MTPA of LNG at Corpus Christi in Texas and Sabine. The company's Corpus Christi Stage 3 liquefaction project is expected to increase the facility's production capacity by over 10 million tons per year (mtpa).

It produced first LNG from the expansion project in December and its first cargo in February, the company said.

"We expect 2025 to be another record year for LNG production as Stage 3 trains are completed," CEO Jack Fusco said in a statement.

Cheniere expects its adjusted core profit between $6.5 billion and $7 billion for 2025, the midpoint end of which fell below analysts' average expectation of $6.83 billion, according to LSEG data.

TD Cowen analysts said though the forecast fell below estimates, they expect this guidance to increase through the year based on LNG's track record.

Shares of the company were marginally down in early trading.

The United States is trying to increase its LNG exports to help reduce Europe's dependency on Russian gas following Moscow's invasion of Ukraine three years ago.

U.S. President Donald Trump ordered a lifting of the freeze on LNG export approvals the day he came into office for a second time on January 20.

Cheniere has signed several long-term LNG sales agreements with companies including a recent supply deal with Indian Oil Corp IOC.NS.

(Reporting by Mrinalika Roy in Bengaluru and Curtis Williams in Houston; Editing by Sriraj Kalluvila, Maju Samuel and Emelia Sithole-Matarise)

(([email protected];))

In third paragraph, corrects to say Indian Oil offered naphtha not sought naphtha

NEW DELHI, Feb 19 (Reuters) - Asia's naphtha margin declined on Wednesday after prices of the product increased in tandem with a rise in crude oil benchmarks but traders remained worried about supplies from Russia and Iran over sanction risks.

The crack fell by $6.67 to $103.33 per metric tonne over Brent crude. The refining profit for naphtha in Asia has traded above $100 for last six trading days.

In spot purchases, Indian oil offered 105,000 tonnes of naphtha for March and China's CSPC sought 80,000 tonnes of the product for April, market participants said.

South Korean LG Chem and Japan Mitsui Chemicals were also heard seeking March and April supplies respectively, they said.

In gasoline markets, the margin was largely steady near $11 per barrel over Brent crude.

NEWS

- Oil prices edged up amid worries of oil supply disruptions in the U.S. and Russia, and as markets awaited clarity on the Ukraine peace talks. O/R

- London-listed global commodity trader and miner Glencore traded more oil in 2024 than in the previous year, preliminary results showed, but its earnings from trading energy products fell.

- Chinese refiners have stepped up purchases of Brazilian and West African crude as they reorganise sourcing around sanctions and tariff disruptions, and after prices of Middle Eastern grades surged.

SINGAPORE CASH DEALS O/AS

One naphtha trade and one gasoline deal.

PRICES

(Reporting by Mohi Narayan; Editing by Janane Venkatraman)

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

By Mohi Narayan

NEW DELHI, Feb 14 (Reuters) - India will be a bright spot for petrochemical demand in 2025 even as global consumption lags supply, amid rising demand for electric vehicle parts, solar panels and household appliances, industry executives said on the sidelines of India Energy Week conference.

"We are seeing good local demand in the sectors like propylene where our company operates," Bharat Petroleum's BPCL.NS director of refineries Sanjay Khanna said.

Indian Oil IOC.NS Chairman A S Sahney said demand is expected to remain resilient this year.

Petrochemicals are used in key building blocks for a variety of goods such as plastics, paints, and pharmaceuticals.

Ganesh Gopalakrishnan, TotalEnergies's TTEF.PA global head of petrochemical trading, said there is good demand from the automobile sector while white goods consumption is recovering.

However, global petrochemical margins are expected to stay depressed for a few more years amid weak demand from top petrochemical consumer China and excess supply from new Chinese and Middle Eastern plants.

"The industry is waiting for China to announce its big incentive plan in March," said TotalEnergies's Gopalakrishnan, adding that this could spur China's demand and improve global petrochemical margins.

Refiners in India have been insulated from losses because they produce their own petrochemical feedstock naphtha, margins have been negative in the last 3-4 years for standalone plants which rely on imported feed, said Pankaj Srivastava, an analyst at consultancy Rystad Energy.

Meanwhile, investments continue to pour into India. The country is expected to receive $87 billion worth of investments in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said last year.

He said India consumes 25 to 30 million metric tons of petrochemical products annually, and the chemical and petrochemicals sector, currently valued at $220 billion, is expected to grow to $300 billion by 2025.

Companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production.

Petronet LNG is setting up a petrochemical complex of 750,000 metric tons-per-year (tpy) propane dehydrogenation unit and 500,000 tpy polypropylene unit in the western state of Gujarat.

"The downturn in petchems has always been cyclical and we hope margins will recover in next three years," Petronet LNG Chief Executive Akshay Kumar Singh said.

(Reporting by Mohi Narayan; Editing by Florence Tan and Michael Perry)

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

By Sethuraman N R

NEW DELHI, Feb 13 (Reuters) - India's Adani Total has yet to conduct feasibility studies to double the capacity of its LNG terminal in Dhamra, Chief Executive Surjeet Singh Lamba told Reuters on Thursday, a year after the joint venture announced it was in the early stages of planning a possible expansion.

Lamba said the 5 million tons per annum (mtpa) LNG terminal on India's east coast, in which French energy giant TotalEnergies SE TTEF.PA has a 50% stake alongside the Adani Group, operated at an average utilisation rate of 25% in 2024.

Utilisation has since risen to about 50%, the CEO said. Usage has been low because the terminal has been unable to attract new customers after locking state-run firms Indian Oil Corp IOC.NS, and GAIL (India) Ltd GAIL.NS into 20-year take-or-pay contracts in 2023.

Lamba said the expansion was contingent on demand, and when asked about the potential for growth in LNG demand, he pointed to Prime Minister Narendra Modi's target to more than double the share of natural gas to 15% of India's energy mix by 2030.

"It depends upon the requirement of the users, as in, when we get some business potential," he said.

"Once feasibilty (study) is done, only then we will be able to comment on that (expansion)," Lamba told Reuters on the sidelines of the India Energy Week.

He did not comment on any financing plans.

TotalEnergies said last year it would pause investing in the Adani Group after U.S. prosecutors accused officials from the conglomerate, including its billionaire Chairman Gautam Adani, of corruption.

(Writing by Sudarshan Varadhan;Editing by Elaine Hardcastle)

(([email protected]; +65 91164984;))

Feb 12 (Reuters) - ADNOC GAS ADNOCGAS.AD:

• SIGNS 14-YEAR LNG SUPPLY AGREEMENT WITH INDIAN OIL CORPORATION

• $7-9 BILLION LNG SUPPLY AGREEMENT COVERS DELIVERY OF 1.2 MTPA SOURCED FROM DAS ISLAND LIQUEFACTION FACILITY

• AGREEMENT CONVERTS THE PREVIOUS HEADS OF AGREEMENT BETWEEN THE PARTIES INTO AN SPA, WITH FIRST DELIVERIES TO BEGIN IN 2026

Further company coverage: ADNOCGAS.AD

(([email protected];))

Adds dropped word gasoline in paragraphs 7 and 8

By Mohi Narayan and Sethuraman N R

NEW DELHI, Feb 11 (Reuters) - Indian transportation fuel demand is expected to rise in the range of 6%-8% in fiscal year 2026, underpinned by rising vehicle sales, even as growth in Asian consumption lags growth in supply due to new refinery expansions in the region, industry executives and analysts said.

India is poised to be the largest driver of global oil demand growth this year, outpacing China, with its fuel demand set to rise through the next decade.

Consumption remains healthy in the country, and gasoline demand is expected to grow about 6-7%, while diesel will rise about 4% in the next fiscal year, chairman of state-run oil giant Indian Oil said on the sidelines of India Energy Week.

The government's proposal to slash personal income tax rates in its annual budget has raised hopes of a consumption boost in the world's fifth-largest economy, which could possibly attract more people to buy cars.

State-run MRPL expects gasoline demand to grow 7-8%, while diesel is anticipated to grow 4%, the company's managing director Mundkur Shyamprasad Kamath said.

Energy consultancy FGE expects a rise of about 40,000 barrels per day to 950,000 bpd in 2025 in India's gasoline consumption, while diesel demand is expected to hold steady.

FGE estimates Asian overall gasoline supply to grow by around 150,000-160,000 bpd year-on-year in 2025 and demand to grow by around 100,000 bpd in 2025 due to addition of new refineries and expansion in China, India, Indonesia and Thailand.

This will translate to subdued gasoline margins, despite the boost in Indian demand, with analysts expecting cracks to peak at about $10-$11 per barrel over Dubai crude in Asia in the second-quarter of 2025 before slumping seasonally in the last two quarters.

While biofuels blending in transportation fuel has not caused any structural decline in gasoline consumption, India, one of the world's biggest emitter of greenhouse gases, aims to increase the share of ethanol in gasoline to 20% by 2025-26, from about 18% now.

"With the developments around ethanol-blending in gasoline, our prediction is, motor spirit (demand) is likely to grow in the range of 2-3%, and diesel (demand) is expected to grow in the range of 4-6%, in the year to 2026" Sanjay Khanna, director of refineries at Bharat Petroleum said.

(Reporting by Mohi Narayan; editing by David Evans)

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By Nidhi Verma

NEW DELHI, Feb 10 (Reuters) - Indian oil companies are looking to buy U.S. liquefied natural gas (LNG), buoyed by the Trump administration's lifting of a ban on export permits for new projects, Oil Secretary Pankaj Jain said on Monday.

The world's fourth largest importer of LNG, India aims to raise the share of gas in its energy mix to 15% by 2030 from 6.2% now.

"Indian oil companies are talking to U.S. companies for additional LNG sourcing," Jain said, adding that among such companies were GAIL (India) Ltd GAIL.NS, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS.

Indian companies will discuss gas sourcing with suppliers of U.S. LNG on the sidelines of the four-day India Energy Week conference from Monday, Jain told reporters.

Indian companies would consider buying stakes in U.S. LNG projects if the deals were attractive, he added.

GAIL will revive plans to buy a stake in a U.S. LNG plant or secure a long-term US LNG deal, its chairman, Sandeep Kumar Gupta, told Reuters.

GAIL now imports 5.8 million tons of U.S. LNG annually under long-term deals, split between Berkshire Hathaway Energy's Cove Point plant and Cheniere Energy's LNG.N Sabine Pass site in Louisiana.

The bulk of India's LNG imports under long term deals is supplied by Qatar, with prices linked to crude oil. India's gas sourcing portfolio should have a mix of both U.S. Henry Hub and crude oil linked prices, Jain said.

Indian companies are particularly keen to buy LNG from the U.S. as crude oil could be purchased from multiple suppliers.

Indian Oil Minister Hardeep Singh Puri said energy imports from the United States would be discussed when Prime Minister Narendra Modi meets President Donald Trump this week.

At least six Asian countries, including Japan and Taiwan, have expressed interest in buying U.S. LNG, with some hoping to narrow their trade deficits in the face of Trump tariff threats, while others look to expand and diversify supplies.

(Editing by Clarence Fernandez)

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NEW DELHI, Jan 28 (Reuters) - Indian Oil Corp IOC.NS, the country's top refiner, is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow, according to its head of finance, Anuj Jain, on Tuesday.

Indian refiners are struggling to secure Russian oil supplies following the latest U.S. sanctions aimed at Russian producers, insurers and tankers to reduce Moscow's oil revenue.

Supply of Russian oil was low so far this month, while Indian Oil is also expecting shortages of Russian cargoes in March, Jain said during an analyst call following the company's December-quarter earnings.
He said Russian oil accounted for about a quarter of crude imports by Indian Oil in the first nine months of the current fiscal year, down from 30% in 2023-24.

India became the top buyer of Russian sea-borne oil sold at a discount after some European nations imposed sanctions and halted trade with Moscow following its invasion of Ukraine.

IOC will purchase oil from its term supplier and other markets to make up for the shortfall, he said.

"There is no dearth of oil," he said, adding that IOC would buy Russian oil only if available at reasonable discounts.

Discounts on Russian oil received at Indian ports have also narrowed to around $2 per barrel from $3 a barrels in December, Jain said.

(Reporting by Nidhi Verma; Editing by Sherry Jacob-Phillips)

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SINGAPORE/NEW DELHI, Jan 27 (Reuters) - Indian Oil Corp IOC.NS has bought another 6 million barrels of sweet crude via a tender for April delivery, trade sources said on Monday, as the country's top refiner seek to replace Russian oil after U.S. sanctions disrupted supply.

The purchases come after Washington announced earlier this month sweeping sanctions targeting Russian producers and tankers, disrupting shipments from the world's No. 2 producer.

IOC bought in the latest tender 2 million barrels of Nigerian Okwuibome crude from Vitol and 1 million barrels each of Nigerian Akpo and Angolan Mostarda grades from Shell, the sources said.

The refiner also purchased 2 million barrels of U.S. West Texas Intermediate (WTI) Midland crude from Equinor, they added.

Just a week earlier, IOC bought 7 million barrels of spot Middle Eastern and African crude oil via tenders, including a rare purchase of Abu Dhabi's Murban.

Separately, another refiner Mangalore Refinery and Petrochemical Ltd (MRPL) MRPL.NS which issued its first crude import tender in more than a year, did not award the tender, traders said.

(Reporting by Florence Tan and Nidhi Verma; Editing by Toby Chopra)

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Corrects to add dropped word in first paragraph

By Nidhi Verma

NEW DELHI, Jan 20 (Reuters) - Indian state refiners have asked Abu Dhabi National Oil Co (ADNOC) to offer pricing of its crude on a delivered basis to manage costs, three refining sources said, after fresh U.S. sanctions disrupted supplies and caused freight rates to spike.

Refiners in India, which imports over 80% of its oil, have been hit hard by a spike in global oil prices and shipping rates after Washington recently imposed sweeping new sanctions targeting Russian insurers, tankers and oil producers.

The world's No. 3 oil importer and consumer became the top buyer of discounted Russian seaborne oil after the European Union shunned purchases and imposed sanctions on Moscow following its invasion of Ukraine in 2022.

Russian oil accounted for more than a third of India's imports last year, but U.S. sanctions are tightening supply, pushing the buyer back to traditional Middle East sources.

While most Middle East crude producers sell oil on a free-on-board (FOB) basis via long-term contracts to Asian buyers, Russian oil traders have been supplying crude to India on a delivered at port (DAP) basis that includes insurance, shipping and other services borne by the seller.

State-owned Indian refiners including Indian Oil Corp IOC.NS, Hindustan Petroleum Corp (HPCL) HPCL.NS and Bharat Petroleum Corp BPCL.NS have asked ADNOC for DAP price quotes, the sources said.

"We want our term supplier to give both FOB and DAP quotes," one of the sources said.

"There is a possibility we may get better pricing in DAP, especially when freight rates are going to go up."

It was not immediately clear if ADNOC would agree to such terms.

The Indian state refiners and ADNOC did not immediately respond to Reuters' emails seeking comments.

ADNOC sets its monthly official selling prices (OSPs) on an FOB basis and has rarely, if ever, sold term supplies to Asian buyers on a delivered basis, three traders familiar with long-term Middle East oil deals said.

In addition to their request to ADNOC, the refiners, which own around 60% of India's 5.14 million barrels per day (bpd) crude processing capacity, planned to put in similar requests with other Middle East suppliers including Saudi Aramco 2222.SE, the sources said.

Under DAP terms, Indian companies would be liable for such cargoes only after they are discharged.

While freight rates have mainly risen for Russian oil, that has a ripple effect on the broader markets.

"In our spot tender also we give bidders an option to give quotes for both DAP and FOB cargoes. So now we want to extend that option to our term purchases as well," a second of the sources said.

"After our due diligence we can decide whether to go for DAP or FOB."

Indian state refiners negotiate their term contracts individually. Their combined purchase from ADNOC could be higher in the next fiscal year from April 1 than this year as HPCL operates its upgraded Vizag refinery at full capacity and starts up its new 180,000 bpd Barmer refinery in the desert state of Rajasthan this quarter, the sources said.

(Reporting by Nidhi Verma; Additional reporting by Saba Yousef in Dubai; Editing by Florence Tan and Susan Fenton)

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SINGAPORE/NEW DELHI, Jan 17 (Reuters) - Indian Oil Corp (IOC) IOC.NS, the country's largest refiner, has bought 7 million barrels of spot Middle Eastern and African crude oil via tenders, including a rare purchase Abu Dhabi's Murban, as U.S. sanctions are expected to hit supplies from Russia, trade sources said on Friday.

The 2-million-barrel Murban crude cargo was sold by Totsa, the trading arm of French major TotalEnergies TTEF.PA, they said.

(Reporting by Florence Tan and Nidhi Verma; Editing by Christian Schmollinger)

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Jan 16 (Reuters) -

• INDIAN OIL CORP FLOATS TENDER TO BUY SOUR OIL, ITS FIRST SINCE MARCH 2022, SEEKS MARCH H1 LOADING CARGOES - TRADE SOURCES

Further company coverage: IOC.NS

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LONDON, Jan 15 (Reuters) - West African crude differentials were steady on Wednesday, as sellers lift asking prices while buyers remain hesitant to acquiesce to firmer levels.

* Sellers have hiked offer levels in recent sessions, two traders said, but little has traded with buyers remaining reluctant to pay up given steeper backwardation on the dated forward curve, and higher freight rates.

* Angola's February loading programme has all but sold out, with just a handful of cargoes on offer by resellers, a source with knowledge of the matter said on Tuesday.

* Angola's March loading programme should emerge in the coming days.

* Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions targeting Russian producers and tankers with the aim of curbing revenue of the world's second-largest oil exporter.

* India's IOC is tendering to buy crude cargoes for Feb. 19-28 arrival and another for March 1-10, a trading source said. The tender closes on Thursday.

* Nigeria's inflation rate rose for the fourth straight month in December, advancing to 34.80% in annual terms from 34.60% in November, data from the statistics agency showed on Wednesday.

(Reporting by Robert Harvey; Editing by Kirsten Donovan)

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