Indian Oil Corporation and Bharat Petroleum Corporation have purchased a significant amount of non-Russian crude oil. The state refiners acquired at least 22 million barrels for delivery in September and October. This move follows pressure from the United States to reduce reliance on Russian oil. The purchases include crude from the U.S., Brazil, Libya, Middle…
Indian state-owned oil refiners are scaling back Russian crude purchases amid increased pressure from Washington, including tariffs on Indian exports to the US. Companies like IOC, BPCL, and HPCL plan to skip spot purchases until further government guidance. This shift could lead to increased demand for US, Middle Eastern, and African crude as alternatives.
Adani Power secured a tender to establish and manage a 2,400 MW thermal power plant in Bihar, investing $3 billion. The company bid ₹6.075 per unit for power supply, with the project operating under a design, build, finance, own, and operate model. This initiative is expected to create substantial employment opportunities during construction and operation.
To boost coal demand and lower electricity costs, Coal India Limited has taken a new step. Power plants using CIL coal can now sell surplus electricity in power exchanges. This began on August 1. Earlier, power generators could only supply power under existing agreements. The revised policy allows sale of un-requisitioned surplus power in the…
Nayara Energy, an EU-sanctioned, Russia-backed private refiner, has requested assistance from India’s shipping ministry to secure vessels for transporting its refined fuels. Facing difficulties in obtaining ships for its retail fuel supply within India, Nayara has already reduced its refinery’s crude processing.
Reliance Industries cautions that geopolitical tensions and tariff uncertainties could disrupt global trade, impacting its oil-to-chemicals business. The warning follows the US imposing additional tariffs on Indian goods, potentially harming key export sectors like textiles and chemicals. Upcoming India-US trade negotiations are crucial amidst concerns of trade distortions and stagnating demand in China.
Trump tariffs on India: The US decision to double tariffs on Indian goods due to Russian crude purchases has placed India in a difficult position, potentially disrupting its refining industry and straining relations with both Moscow and Washington. While India saved modestly on discounted Russian oil, its exports to the US are substantial.
A US-sanctioned tanker, Contract II, is being dismantled in Alang, India. The sale involves extended payment terms and measures to hide the owner’s identity. This suggests increased pressure on older dark fleet vessels due to stricter sanctions enforcement. The unusual clauses in the sale contract raise concerns about illicit activities. More sanctioned ships are turning…
Adani Power has received a Letter of Intent from Bihar State Power Generation Company. The company will supply 2,274 MW of electricity. This power will come from a 2,400 MW thermal power project in Bhagalpur district. The project will use ultra-supercritical technology. Adani Power plans to invest around $3 billion in this greenfield project.
New US tariffs may create problems for Indian oil companies Reliance Industries and Nayara Energy. These companies may face challenges importing crude oil and exporting refined fuel. Government has not directed to stop buying Russian crude. Nayara Energy has already reduced refinery operations. The company is offering petrol and diesel to state-run refiners.