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Economic Times
2 hours ago
- Business
- Economic Times
Indian refiners likely to face headwinds from new EU sanctions against Russia: ICRA
Indian refiners are likely to be impacted by the European Union (EU) sanctions against Russia, as revealed in a recent report by ICRA. The EU's 18th sanctions package, implemented on July 18 against Russia, includes an import ban on all refined products made from Russian crude oil originating from third countries, with exceptions for Canada, Norway, the US, the UK, and Switzerland. ICRA believes that this move is expected to significantly impact Indian refiners, who exported approximately USD 14.3 billion worth of petroleum products to the EU in fiscal year has emerged as a major refiner of Russian crude, taking advantage of discounted prices that were previously in the range of USD 10-16/bbl. While these discounts have narrowed to around USD 2.5-4/bbl, the new price cap and other measures could potentially widen them India's exports of petroleum products to the EU have surged in the past three years due to reduced Russian supplies to Europe, with annual exports reaching approximately USD 14-15 billion during this period. The new EU sanctions package is poised to restrict market access for Indian refiners, as well as those in Turkey and the UAE, who have been processing Russian crude and supplying refined products to addition to the import ban, the EU has lowered the price cap for crude oil from USD 60 bbl to USD 47.6 bbl to align with current global oil prices, and has implemented a dynamic mechanism for future price cap reviews. These price caps prevent EU operators from providing transport or insurance services for Russian oil traded above the set limit. The sanctions also expanded the list of sanctioned vessels by 105, bringing the total to 444, and these vessels are now subject to port access and maritime transport service bans. Indian refiners have already ceased doing business with sanctioned entities and Russian oil exports accounting for about 7 per cent of global liquid consumption, which could typically lead to a surge in oil prices if supplies are cut off, crude oil prices have remained largely stable, indicating an expectation of minimal disruption to supplies.
Mint
5 hours ago
- Business
- Mint
Suzlon Energy share price in focus on rating upgrade. Check details
Suzlon Energy share price traded lower on Wednesday, despite a bullish trend in the broader Indian stock market today. Suzlon Energy shares fell as much as 1.31% to ₹ 61.02 apiece on the BSE. The renewable energy player, Suzlon Energy said it has received a credit rating upgrade from CRISIL and a fresh rating assignment from ICRA. CRISIL has upgraded Suzlon's long-term rating to 'CRISIL A+ / Stable' from 'CRISIL A / Positive', while maintaining its short-term rating at 'CRISIL A1'. The total amount of bank loan facilities assigned a rating by CRISIL has been increased to ₹ 5,685 crore, up from the previous ₹ 3,050 crore. In addition, ICRA has provided a long-term rating of [ICRA]A+ (Stable) and a short-term rating of [ICRA]A1 for Suzlon's bank loan facilities totaling ₹ 2,635 crore. Suzlon Energy announced last month that it has received its third consecutive order from AMPIN for a 170.1 MW wind energy project located in Kurnool, Andhra Pradesh. Under this agreement, Suzlon will provide 54 of its advanced wind turbine generators (WTGs) with Hybrid Lattice Towers (HLT), each capable of producing 3.15 MW of power, according to a company statement. The work involved encompasses complete project execution, which includes equipment supply, installation, commissioning, and long-term operations and maintenance services. The total orders from AMPIN Energy now amount to 303 MW. Vivek Srivastava, Chief Executive Officer of India Business at Suzlon Group, stated that the three orders from AMPIN demonstrate the strength of a shared mission. We are collectively dedicated to achieving a self-reliant, affordable, and sustainable energy future by combining innovation, local manufacturing, and extensive sector knowledge to support the decarbonization of India's power distribution system. Suzlon Energy announced a nearly five-fold increase in its consolidated net profit, reaching ₹ 1,181 crore for the March quarter, primarily driven by higher revenues. According to a BSE filing, the company reported a consolidated net profit of ₹ 254 crore for the quarter that ended in March 2024. Its total revenue rose to ₹ 3,825.19 crore in the quarter, compared to ₹ 2,207.43 crore from the same period last year. For the fiscal year 2024-25, the consolidated net profit increased to ₹ 2,072 crore, up from ₹ 660 crore in the previous financial year. The total revenue for the fiscal year grew to ₹ 10,993.13 crore, compared to ₹ 6,567.51 crore in the same period last year. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
6 hours ago
- Business
- Time of India
EU sanctions on Russia oil: Indian refiners to be hit; $14.3 billion worth of exports could be at risk
Representative image The EU sanctions against Russia are expected to have significant implications for Indian refiners, according to a recent ICRA report. On July 18, the EU implemented its 18th sanctions package against Russia, prohibiting imports of refined products derived from Russian crude oil from third countries, whilst exempting Canada, Norway, the US, the UK and Switzerland. The impact on Indian refiners could be substantial, given their exports of petroleum products to the EU amounted to USD 14.3 billion in fiscal year 2025, as per ICRA's assessment, cited by ANI. India has become a prominent processor of Russian crude, benefiting from price discounts previously ranging from $10-16/bbl. Although these discounts have reduced to $2.5-4/bbl, the latest price cap and associated measures could lead to wider discounts. The past three years have witnessed a considerable increase in India's petroleum product exports to the EU, following reduced Russian supplies to Europe, with yearly exports reaching approximately USD 14-15 billion. The latest EU sanctions are set to limit market opportunities for refiners in India, Turkey and the UAE who have been processing Russian crude for European markets. The EU has also reduced the crude oil price cap from USD 60 bbl to USD 47.6 bbl, aligning with current global oil prices, and introduced a dynamic mechanism for future price cap assessments. The regulations prevent EU entities from offering transport or insurance services for Russian oil traded above the specified limit. The sanctions have added 105 vessels to the restricted list, totalling 444, subjecting them to port access and maritime transport service restrictions. Indian refiners have already terminated business relationships with sanctioned entities and traders. Despite Russian oil exports constituting roughly 7 per cent of global liquid consumption, crude oil prices have remained steady, suggesting markets anticipate minimal supply disruptions. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
7 hours ago
- Business
- Time of India
New EU sanctions threaten Indian refiners' $14 billion export market: ICRA
Exports by Indian oil refiners are likely to face major disruption following the implementation of the EU's 18th sanctions package against Russia, according to a report by ICRA. The report highlights the potential impact on Indian refiners, who collectively exported approximately $14.3 billion worth of petroleum products to the EU in fiscal year 2024-2025. The new EU sanctions, enacted on July 18, include a crucial import ban on all refined products made from Russian crude oil originating from third countries. Notable exceptions to this ban are Canada, Norway, the US, the UK, and Switzerland. This measure directly targets nations like India, Turkey, and the UAE, which have become major processors of discounted Russian crude and significant suppliers of refined products to Europe in recent years, ICRA further said. Price caps introduced India has emerged as a key refiner of Russian crude, capitalising on previously steep discounts that ranged from $10-16 per barrel. While these discounts have recently narrowed to $2.5-4 per barrel, ICRA suggests that the newly introduced price cap and other measures could potentially widen them once more. Over the past three years, India's exports of petroleum products to the EU have surged, reaching an annual average of $14-15 billion. This increase was largely driven by reduced Russian supplies to European markets, creating a substantial opportunity for Indian refiners. Beyond the import ban, the EU has also lowered the crude oil price cap from $60 per barrel to $47.6 per barrel, aligning it with current global oil prices. A dynamic mechanism for future price cap reviews has also been introduced. These price caps are designed to prevent EU operators from providing transport or insurance services for Russian oil traded above the stipulated limit. Furthermore, the sanctions have expanded the list of sanctioned vessels by 105, bringing the total to 444. These vessels are now subject to port access and maritime transport service refiners have already taken steps to cease business dealings with sanctioned entities and traders. Despite these significant measures, crude oil prices have remained largely stable, indicating that the market anticipates minimal disruption to global supplies, even though Russian oil exports account for roughly 7 per cent of global liquid consumption, the report stated.
Time of India
8 hours ago
- Business
- Time of India
Indian refiners likely to face headwinds from new EU sanctions against Russia: ICRA
Indian refiners are likely to be impacted by the European Union (EU) sanctions against Russia, as revealed in a recent report by ICRA . The EU's 18th sanctions package, implemented on July 18 against Russia, includes an import ban on all refined products made from Russian crude oil originating from third countries, with exceptions for Canada, Norway, the US, the UK, and Switzerland. ICRA believes that this move is expected to significantly impact Indian refiners, who exported approximately USD 14.3 billion worth of petroleum products to the EU in fiscal year 2025. India has emerged as a major refiner of Russian crude, taking advantage of discounted prices that were previously in the range of USD 10-16/bbl. While these discounts have narrowed to around USD 2.5-4/bbl, the new price cap and other measures could potentially widen them again. Additionally, India's exports of petroleum products to the EU have surged in the past three years due to reduced Russian supplies to Europe, with annual exports reaching approximately USD 14-15 billion during this period. Live Events The new EU sanctions package is poised to restrict market access for Indian refiners, as well as those in Turkey and the UAE, who have been processing Russian crude and supplying refined products to Europe. In addition to the import ban, the EU has lowered the price cap for crude oil from USD 60 bbl to USD 47.6 bbl to align with current global oil prices , and has implemented a dynamic mechanism for future price cap reviews. These price caps prevent EU operators from providing transport or insurance services for Russian oil traded above the set limit. The sanctions also expanded the list of sanctioned vessels by 105, bringing the total to 444, and these vessels are now subject to port access and maritime transport service bans. Indian refiners have already ceased doing business with sanctioned entities and traders. Despite Russian oil exports accounting for about 7 per cent of global liquid consumption, which could typically lead to a surge in oil prices if supplies are cut off, crude oil prices have remained largely stable, indicating an expectation of minimal disruption to supplies.
