Russia’s increased oil supply to India has reshaped trade dynamics, impacting smaller suppliers while major Middle Eastern exporters like Iraq, Saudi Arabia and UAE remain largely stable. Discounted Russian crude primarily displaced costlier supplies from Africa and the Americas. As India potentially reduces Russian imports due to US pressure, sidelined suppliers may regain importance.
Russia aims to increase LNG exports to India, continuing fuel shipments including oil, coal, and oil products. Trade between the two nations is increasingly conducted in their national currencies, exceeding 90%. Both countries are set to enhance cooperation in the banking and insurance sectors, and also in the peaceful nuclear sector, building on the Kudankulam…
Nayara Energy, an Indian refiner backed by Russia and facing EU sanctions, is utilizing a dark fleet to import Russian oil and export refined fuels. Constrained by sanctions, Nayara has reduced refinery runs and seeks government assistance to secure ships. Russian entities are reportedly aiding Nayara in arranging vessels to maintain operations.
Russia is exploring opportunities to export liquefied natural gas to India, according to First Deputy Prime Minister Denis Manturov. Manturov also expressed Russia’s interest in expanding nuclear energy cooperation with India. This development follows the U.S. imposing additional tariffs on India for its purchases of Russian oil, a move that the Kremlin has criticized as…
Enmas EPC Power Projects, an EPC solutions provider, has secured Rs 57 crore in its first funding round from investors like Ahead Venture Fund and Amit Agarwal. The capital will fuel expansion in biomass, biogas, and waste-to-energy sectors. Enmas EPC aims to capitalize on international opportunities driven by the increasing demand for efficient energy infrastructure.
After EU sanctions, Nayara Energy is using dark-fleet tankers and a limited crude import selection to maintain operations, raising concerns in India about energy security. The government has approved coastal tankers, including sanctioned vessels, to assist Nayara. Despite challenges, Russia assures continued crude supplies, employing special mechanisms to bypass sanctions.
Despite potential US tariff hikes and criticism, Russia anticipates India will maintain its current level of Russian oil imports. A Russian official highlighted the economic advantage for India, citing a 5% discount. India defends its right to purchase from the cheapest source, while strengthening ties with Russia and China.
The Russian Embassy in India announced Moscow’s commitment to reducing the trade imbalance with New Delhi, focusing on expanding energy supplies and eliminating trade barriers. Despite the current political climate, mechanisms are in place to ensure a consistent oil flow to India. Bilateral trade is projected to increase by approximately 10% annually, with energy shipments…
Indian Oil and Bharat Petroleum are buying Russian Urals crude again. The refiners stopped buying in July. Now, they are resuming purchases for September. This is because the discount on Urals has increased. Also, China is buying more Urals crude. The discount is now about $3 per barrel. This makes it attractive for Indian refiners.
Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum saw profits rise significantly in the June quarter. High retail margins on petrol and diesel fueled this growth. However, inventory losses impacted refining margins. Discounts on Russian crude are shrinking. Some refiners are delaying Russian oil orders due to potential US penalties. Government compensation for LPG under-recoveries…