India’s petrochemical sector anticipates strong growth of 6-7% annually. Major capacity expansions are underway to cut import reliance. Polypropylene capacity will surge, potentially eliminating import needs by FY30. However, cost competitiveness is key. Global oversupply has pressured margins, but lower input costs offer some relief.
India’s government is considering a change to its LPG subsidy formula following state-run oil companies’ first annual supply contracts with US exporters. Companies are advocating for the inclusion of US benchmark prices and higher transatlantic freight costs in the subsidy calculation to better reflect the economics of these imports.
India has extended the bid submission deadline for its latest oil and gas block auction. Potential investors now have until February 18, 2026, to submit their bids. This is the third extension for the OALP-X licensing round. The government aims to boost domestic oil and gas production with this significant acreage offering.
A long-standing financial disagreement between the Indian government and Reliance Industries Limited (RIL) regarding the KG-D6 oil block may reach a conclusion in early 2026. The dispute involves a USD 247 million claim by the government for a higher share of profits from the gas field. This legal process is currently in its final stages…
Andhra Pradesh government has issued a conditional No Objection Certificate to Vedanta Limited. This allows the company to drill 20 onshore wells in Krishna district. The approval is subject to strict terms and conditions. Vedanta Limited is India’s largest private oil and gas exploration production company.
India’s petrol pump network has surpassed 100,000 outlets, nearly doubling in the last decade. This expansion has improved fuel access in rural areas and intensified competition. While private players hold less than 10% of the market, concerns exist about the economic sustainability of such rapid growth.
Reliance Industries has restarted buying discounted Russian crude oil. The company is sourcing barrels from suppliers not under sanctions. These shipments are heading to its refinery in Gujarat. This move is expected to limit a drop in India’s overall Russian oil imports this month. Reliance had paused purchases after US sanctions were imposed on Russian…
Reliance Industries has received oil cargoes from Russia’s Rosneft following a one-month concession from Washington. These shipments are part of pre-existing transactions being wound down in a sanctions-compliant manner. The company plans to process Russian oil at its India-focused refinery to continue fuel sales to the EU.
A 27-year-old tanker, believed to be a ‘zombie vessel’ using a scrapped ship’s identity, is heading to Venezuela. This tactic helps Venezuela, crippled by sanctions, export its oil, primarily to China. Despite a fraction of its former output, Venezuela’s continued shipments are prompting the US to pursue physical disruption of its oil trade.
BP is selling a major part of its Castrol lubricants business to Stonepeak for approximately $6 billion. This deal values Castrol at $10.1 billion. BP will keep a 35% stake in a new joint venture. The funds will help BP reduce its debt. This is a key step in BP’s plan to sell assets and…