Indian Oil shares in focus after MoU with Air India for sustainable aviation fuel
Indian Oil has signed an MoU with Air India for the supply of Sustainable Aviation Fuel (SAF). The pact is being seen as a key milestone India's clean energy transition, positioning both firms as key players in greener aviation and decarbonisation efforts.
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Time of India
5 hours ago
- Time of India
Indian Oil, BPCL resume buying Russian oil for September as discounts widen
India's state-run refiners Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday. The refiners had halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil. President Donald Trump also threatened an additional 25% levy on Indian goods, effective August 27, to penalise New Delhi for its continued buying of the oil. Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners , while China has stepped up purchases, the officials said. In addition to Urals, IOC has also bought other Russian crude oil grades including Varandey and Siberian Light, they said. Indian companies do not comment on their crude imports. On Monday, IOC, the country's top refiner, told analysts that it would continue to buy Russian oil depending on economics.
Time of India
6 hours ago
- Time of India
Indian Oil, BPCL resume buying Russian oil for September as discounts widen
India's state-run refiners Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday. The refiners had halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil. President Donald Trump also threatened an additional 25% levy on Indian goods, effective August 27, to penalize New Delhi for its continued buying of the oil. Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners , while China has stepped up purchases, the officials said. In addition to Urals, IOC has also bought other Russian crude oil grades including Varandey and Siberian Light , they said. Indian companies do not comment on their crude imports. On Monday, IOC, the country's top refiner, told analysts that it would continue to buy Russian oil depending on economics.
Time of India
6 hours ago
- Time of India
‘If Indian goods cannot go to US, they can head to…': Russia slams ‘unjustified' Trump sanctions on oil; Putin to meet PM Modi in India this year
Prime Minister and Russian President are set to meet in New Delhi before the year ends, according to a Russian embassy official in India on Wednesday. The exact dates are still being worked out. Tired of too many ads? go ad free now The announcement comes as Russia aims to strengthen trade ties with India by improving payment systems and removing trade barriers. Russia's embassy in India slammed US President Donald Trump's 25% additional tariffs on India for its procurement of Russian crude oil. According to a Reuters report, the Russian embassy said, "If Indian good cannot go to US market, they can head to Russia". The embassy also called US sanctions on India as 'double standards', adding that the pressure on India to not buy Russian crude oil was 'unjustified'. The Russian embassy also said, 'Discount on Russian crude oil is about 5% for India. India understands there is no chance to change supplies, profit very high for India.' 'There is no alternative to Russian crude oil as it is very competitive,' it said, adding that India 'matters very much' for Russia. The comments come at a time when India's relations with the US have deteriorated, following New Delhi's hardening stance on opening its dairy and agricultural sectors as part of the trade deal. Adding to the tensions is the 25% additional tariff imposed by Trump for India's purchase of Russia's crude oil. US sees India's oil trade with Russia as an indirect financing of the Russia-Ukraine war. According to the Reuters report, the Russian embassy emphasized its commitment to developing better payment mechanisms with India to facilitate smoother trade operations. This move is particularly significant as both countries work to maintain their strong economic partnership despite global challenges. Tired of too many ads? go ad free now Who bought Russia's fossil fuels after EU bans Taking a strong stance on international measures affecting trade, the Russian embassy criticized sanctions as showing double standards and disregarding national interests. Speaking about trade relations, the embassy official highlighted Russia's determination to eliminate obstacles that might hinder commerce between the two nations. This includes streamlining processes and creating more efficient systems for business transactions. The embassy representative expressed confidence in the bilateral relationship, noting that both countries have consistently found ways to work together effectively, even when faced with difficulties. The upcoming meeting between Putin and Modi is expected to further strengthen the ties between the two nations. Both leaders have maintained close diplomatic relations over the years, regularly meeting to discuss bilateral cooperation in various sectors including trade, defence, and technology. India's strong oil trade ties with Russia Indian state-owned refiners Indian Oil and Bharat Petroleum have resumed purchasing Russian oil for delivery in September and October, following an increase in available discounts, wo company officials familiar with the situation told Reuters. The companies had previously suspended purchases in July when discounts decreased. Russian Urals crude discounts have expanded to approximately $3 per barrel, making it financially attractive for Indian refiners, whilst Chinese procurement has increased, the officials indicated. IOC has expanded its Russian crude portfolio to include Varandey and Siberian Light grades alongside Urals. Indian organisations maintain their policy of not discussing crude import details. During an analyst meeting on Monday, IOC, India's leading refiner, confirmed its intention to continue Russian oil procurement based on economic considerations. As one of the top petroleum importers globally, ranking third worldwide, India has substantially increased its Russian oil imports following the onset of the conflict between Russia and Ukraine, primarily due to considerable price reductions available on Russian crude.
