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Deccan Herald
4 days ago
- Business
- Deccan Herald
Indian refiners using term deals as hedge against Russian supply risk: Govt
State refiners, which account for over 60% of the country's 5.2 million barrels per day of refining capacity, have paused purchases of Russian oil due to narrowing discounts. Private refiners Reliance Industries Ltd, Nayara Energy, and HPCL-Mittal Energy Ltd are continuing with their purchases.
Time of India
4 days ago
- Business
- Time of India
Indian refiners using term deals as hedge against Russian supply risk, govt says
New Delhi: India's state oil refiners will continue to use annual contracts to secure oil supplies and hedge against market volatilities as the future of cheap Russian purchases is in doubt, the oil ministry said in a report to parliament on Tuesday. India has emerged as the leading buyer of Russian seaborne oil, which is sold at a discount after some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine. However, U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, is threatening further levies due to India's Russian oil purchases. And state refiners are currently awaiting clarity from the government on whether to continue importing Russian oil. "Increased imports of Russian crude into India may not last forever," the ministry said in a report responding to a parliamentary panel's questions that did not directly mention the United States or Trump's threatened tariffs. The report said that state refineries were moving forward with all of their term contracts with other suppliers and regions to secure supply requirements. Refiners consider factors including supply security, international politics and trade relations when finalising their procurement plans, it added. "This approach ensures both energy security and the procurement of crude oil at optimal value," the report said. India, the world's third-largest oil importer and consumer, relies on Russian crude for more than a third of its imports. State refiners, which account for over 60% of the country's 5.2 million barrels per day of refining capacity, have paused purchases of Russian oil due to narrowing discounts. Private refiners Reliance Industries Ltd, Nayara Energy, and HPCL-Mittal Energy Ltd are continuing with their purchases. Trump has made bringing an end to the war in Ukraine a priority of his administration. He is due to meet with his Russian counterpart Vladimir Putin, with whom he's had a tumultuous relationship, in Alaska on Friday as part of his efforts to secure a peace deal.
Business Recorder
08-08-2025
- Business
- Business Recorder
India's HPCL explores Russian oil alternative amid price, sanction worry
NEW DELHI: India's Hindustan Petroleum Corp is scouting for alternative crudes to protect itself if it were to stop buying Russian oil due to higher prices and sanctions, its chairman Vikas Kaushal said on Friday. Indian state refiners have paused buying Russian oil imports as it has become pricey, and President Donald Trump's threatened to impose a penalty on the South Asian nation for purchasing Russian oil. Trump has decided to impose an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock. Kaushal said that while there was no official directive from the government regarding the purchase of Russian oil, HPCL's Russian oil intake in the June quarter fell to 13.2% due to narrowing discounts. 'It's not because of any geopolitical reason. It was an economic decision based on what we needed to run in our refineries,' Kaushal told an analyst call. HPCL remains open to buying Russian oil if it becomes competitively priced again, he said, adding the company would be able to absorb the financial loss for not processing Russian oil as it has already cut its Russian oil processing. Indian state refiners step up non-Russian oil purchases under Trump pressure HPCL directly controls 490,000 barrels per day refining capacity, and has a stake in private refiner HPCL-Mittal Energy Ltd, which operates a 226,000 bpd plant in northern India. It is also building a 180,000 bpd refinery at Barmer in the desert state of Rajasthan. HPCL has broadened its supplier base for crude imports and streamlined its crude import strategy, sourcing 4 million barrels through a single tender instead of multiple offers.
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Business Standard
08-08-2025
- Business
- Business Standard
HPCL explores alternative crude sources amid Russian price, sanction risk
India's Hindustan Petroleum Corp is scouting for alternative crudes to protect itself if it were to stop buying Russian oil due to higher prices and sanctions, its chairman Vikas Kaushal said on Friday. Indian state refiners have paused buying Russian oil imports as it has become pricey, and President Donald Trump's threatened to impose a penalty on the South Asian nation for purchasing Russian oil. Trump has decided to impose an additional 25 per cent tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock. Kaushal said that while there was no official directive from the government regarding the purchase of Russian oil, HPCL's Russian oil intake in the June quarter fell to 13.2 per cent due to narrowing discounts. "It's not because of any geopolitical reason. It was an economic decision based on what we needed to run in our refineries," Kaushal told an analyst call. HPCL remains open to buying Russian oil if it becomes competitively priced again, he said, adding the company would be able to absorb the financial loss for not processing Russian oil as it has already cut its Russian oil processing. HPCL directly controls 490,000 barrels per day refining capacity, and has a stake in private refiner HPCL-Mittal Energy Ltd, which operates a 226,000 bpd plant in northern India. It is also building a 180,000 bpd refinery at Barmer in the desert state of Rajasthan. HPCL has broadened its supplier base for crude imports and streamlined its crude import strategy, sourcing 4 million barrels through a single tender instead of multiple offers. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
