Oil minister: India will be a refining hub and will rely on fossil fuels up to 2040.
Hardeep Singh Puri, India's Oil Minister, said on Tuesday that India will continue to be the world's third largest oil consumer and importer until at least 2040. The country is also positioning itself to become a major refining center. Puri, speaking at a Bengaluru refining conference, said that while global refineries are shrinking as the energy transition proceeds at an unpredictable rate, India will still rely on fossils fuels up until 2040.
India, S. Arabia in New Petro Relationship
India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country…
IOC: 5-year Tender on Scrubber-fitted Tankers
Indian Oil Corp (IOC) issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.The tender says Indian shippers will be given first right of refusal for the contract as the nation seeks to boost its shipping industry. It is seeking bids from vessels that are less than 10-years old.A scrubber is a product that strips out sulphur emissions and…
How Refiners Plan to Grapple With Fuel Oil Output After 2020
High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year…
India's Vedanta Wins 41 Blocks in Small Field Auction
India's Vedanta Wins 41 Blocks in Small Field Auction* Billionaire Anil Agarwal-led Vedanta Ltd has won 41 of the 55 blocks auctioned under India's first licensing round for small discovered fields-India's upstream regulator* State-run Oil India has won nine blocks- upstream regulator* India's top explorer Oil and Natural Gas Corp was awarded 2 blocks* Hindustan Oil Exploration Co, and GAIL (India) Ltd and Bharat Petro Resources Ltd, the upstream unit of state refiner Bharat Petroleum Corp, have won one block
India BPCL Seeks Extra Iran Oil Amid Sanctions Threat
Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.The move by BPCL indicates that refiners will try to frontload their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country's petroleum sector.Uncertainties cloud Iran's oil exports after U.S.
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to…
India Ups Import Tax on Petcoke in Blow to US Refiners
India has raised the effective import duty on petroleum coke to 10 percent from 2.5 percent, according to a government order, days after the government told a court it was in favour of curbing the use of the dirty-burning fuel. The duty has gone up after the government ended an exemption to tax payable on importing the fuel that emits 11 percent more greenhouse gases than coal and also releases several times more sulphur dioxide, which causes lung diseases.
India's Oil Imports Hit Record High in September
India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand. The world's third-biggest oil importer shipped in 10 percent more oil last month than a year earlier and about 19 percent more than in the previous month, ship-tracking data from industry sources and Thomson Reuters Analytics showed. "There was heavy maintenance at some refineries in July-August.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
IOC to Lift U.S. Crude for December Delivery
Indian Oil Corp, the country's largest refiner, has bought two new types of U.S. crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday. IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.
HPCL Makes First U.S. Oil Purchase
Indian state refiner Hindustan Petroleum Corp has made its first purchase of U.S. oil, buying high sulphur crude Mars in a tender, company chairman M. K. Surana said on Monday. Earlier Indian Oil Corp and Bharat Petroleum Corp , both state refiners, had purchased the U.S. oil through tenders. HPCL has bought 1 million barrels of Mars oil from trader Trafigura for delivery in December at the southern Indian port of Vizag, he said. Reporting by Nidhi Verma
Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit
Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy. Swan Energy is building a 5 million tonnes a year FSRU and floating storage unit (FSU) at Jafrabad in western Gujarat state, with Mitsui awarded a long-term contract for operation and maintenance services.
IOC Buys More U.S. Crude; to Lift Eagle Ford Shale Cargo
Indian state-refiner IOC bought 1.9 million barrels of U.S. crude in its second import tender seeking oil from the Americas, making it the first Indian refiner to purchase Eagle Ford shale oil, a senior official said on Friday. IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura, the refiner's finance director, A.K. Sharma, told Reuters.
BPCL to Buy First U.S. Crude via Tender
Indian refiner Bharat Petroleum Corp Ltd plans to buy its first ever cargo of crude oil from the United States, a tender document showed on Monday. BPCL is seeking at least 1 million barrels of crude either for loading on Aug. 16-Sept.5 or delivery on Sept. 26-Oct. 15, it said. Part 1 of the tender closes on July 11 and part 2 on July 14. Offers will remain valid until July 14. Reporting by Florence Tan
Trafigura Snaps up Reliance Naptha Cargo
European trader Trafigura has bought 55,000 tonnes of naphtha from India's Reliance Industries for end-May loading from Sikka, adding to its unusually high purchases of the fuel from the Singapore cash market, traders said on Wednesday. Trafigura paid a slightly above $16 a tonne premium to Middle East quotes on a free-on-board (FOB) basis for the cargo, making this one of the highest premiums for Reliance Industries since the sales of its March cargoes.
India to Cut Iranian Oil Purchases in Row Over Gas Field
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran's nuclear programme.
Tata to Invest in Swan LNG Project
Tata Realty and Infrastructure Ltd (TRIL) is taking 10 percent stake in a Rs. 5,900 crore ($867 mln) floating LNG import terminal being set up by Nikhil Merchant led Swan Energy in Gujarat. This will be the first investment by Tata Group in gas business. And this is the first investment decision since N Chandrasekaran named as the Tata Group chief. TRIL was established in 2007 to pursue opportunities in the real estate and infrastructure sectors.
BPCL to Export Light Diesel Oil in Rare Move
India's Bharat Petroleum Corp Ltd will export a light diesel oil cargo from Kochi in a rare move, industry sources said on Tuesday. The state-owned refiner sold 35,000 tonnes of the cargo, which has a sulphur content of 1.5 percent, to Vitol and is expected to load the cargo this week, the sources added. The export will be temporary and will halt once a secondary unit at the refinery is started, one of the sources said. (Reporting by Jessica Jaganathan; Editing by Himani Sarkar)
Petronet bets on LNG as a fuel to Drive Demand
India's top gas importer Petronet LNG is betting on liquefied natural gas-powered ships and vehicles to drive up demand for the cleaner fuel, its managing director said, helping the world's third most polluting nation to improve air quality. Prabhat Singh told reporters he expected a shift to LNG-driven vehicles to create "reasonable demand" for the fuel in a country where many industries are not yet linked to the pipe grid.
