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Reuters
30-04-2025
- Business
- Reuters
Indian Oil's fourth-quarter profit jumps on inventory gains
April 30 (Reuters) - Indian Oil Corp ( opens new tab, the country's top refiner, reported a 50% jump in fourth-quarter profit on Wednesday, mostly helped by inventory gains, with the company looking to tap spot markets for more crude purchases. Standalone net profit surged to 72.65 billion Indian rupees ($858.57 million), compared with a profit of 48.38 billion rupees a year earlier. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The company recorded an inventory gain in the fourth quarter that helped in increased profits, compared with an inventory loss a year earlier, Director Finance Anuj Jain said at a press conference, without elaborating. An inventory gain is booked when oil prices rise when the company is refining and shipping petroleum products. Brent crude prices jumped about 17% from a multi-year low in September during the January-March quarter. IOC's average gross refining margin, the profit from making refined products from one barrel of oil, was $7.85 per barrel for the quarter ended March 31, compared with $8.39 per barrel a year earlier. The company is looking to tap spot markets for more crude oil, targeting a term-to-spot ratio of 55:45 compared with 60:40 last year, Jain said. "We are looking to buy more oil from spot markets as there is abundant supply and more spot volumes will give me flexibility to test new grades." Meanwhile, IOC is looking to invest up to one trillion rupees to expand the company's petrochemical capacity, Chairman A. S. Sahney said. Indian Oil, along with its unit Chennai Petroleum ( opens new tab, controls about a third of India's refining capacity.
Reuters
23-04-2025
- Business
- Reuters
Indian Oil plans to operate Gujarat refinery at higher capacity from mid-2026
VADODARA/NEW DELHI, April 23 (Reuters) - Indian Oil Corp ( opens new tab, the country's top refiner, plans to operate its Gujarat refinery in western India at an expanded capacity of 360,000 barrels per day (bpd) by mid-2026, executive director Biplob Biswas said on Wednesday. India is expanding its crude refining capacity to meet rising local demand for fuel. IOC is revamping one of the five crude units at the 274,000 bpd refinery in Gujarat to raise overall capacity by 86,000 bpd. "Our expansion is on track for completion by June-July of next year... The project will be completed in two phases," Biswas said during a press conference. The refinery expansion will cost 178.25 billion rupees ($2.09 billion), he said. During the first phase of the expansion, the company will shut down the crude unit and some secondary units for upgrade. The shutdown is expected to be complete by June or July this year. Biswas said the company expects to set up more secondary units, including petrochemical and lube projects, early next year as part of the expansion project and will operate the refinery at higher capacity by the middle of next year. ($1 = 85.3760 Indian rupees)
Yemen Online
05-04-2025
- Business
- Yemen Online
India, UAE to develop Sri Lanka energy hub as Delhi competes with China for influence
India and the United Arab Emirates agreed to develop an energy hub in Sri Lanka, India's foreign ministry said on Saturday, as New Delhi's competition with China grows in the Indian Ocean island nation. The three nations signed the pact for the hub during Indian Prime Minister Narendra Modi's visit to Sri Lanka, the first by a global leader since Sri Lankan President Anura Kumara Dissanayake took office in September. New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers from a severe financial crisis triggered in 2022, during which India provided $4 billion in financial assistance. Saturday's agreement boosts New Delhi's competition with China, whose state energy firm Sinopec ( has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota. The energy hub in the strategically important city of Trincomalee, a natural harbour in the Sri Lanka's east, will involve construction of a multi-product pipeline and may include using a World War Two tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corp ( opens new tab, Indian Foreign Secretary Vikram Misri told reporters in Colombo. "The UAE is a strategic partner for India in the energy space and therefore was an ideal partner for this exercise that is being done for the first time in the region," Misri said. "The exact contours of UAE's role will be elaborated once the business to business discussions kick off." The three nations will next choose business entities that will consider the financing and feasibility of projects for the hub, he said. Modi also inaugurated a $100 million solar power project, a joint venture between Ceylon Electricity Board and India's National Thermal Power Corp ( opens new tab. India and Sri Lanka also concluded their debt restructuring process, Foreign Secretary Misri said. Sri Lanka owes about $1.36 billion in loans to EXIM Bank of India and State Bank of India, according to Sri Lanka Finance Ministry data. Colombo kicked off debt restructuring talks after it defaulted on its debt in May 2022, signing a preliminary deal with bilateral creditors Japan, India and China last June.
Reuters
04-03-2025
- Business
- Reuters
Indian benchmarks likely to be muted as world stocks jitter ahead of Trump tariffs
March 4 (Reuters) - India's benchmark indexes are set for a muted open on Tuesday, while other Asian markets slumped after U.S. President Donald Trump said his proposed tariffs would go into effect as planned. The GIFT Nifty futures were trading at 22,093.5 as of 07:57 a.m. IST, indicating that the blue-chip Nifty 50 (.NSEI), opens new tab will open near Monday's close of 22,119.30. Trump's proposed 25% tariffs on Canada, Mexico will go into effect from 10:31 a.m. IST on Tuesday. An additional 10% duty on China, resulting in a cumulative 20% tariff, will also enter into force along with these levies. Trump also said reciprocal tariffs will start on April 2, escalating trade tensions and dragging financial markets. Higher tariffs, besides their potential adverse impact on global growth, could spur inflation in the U.S., leading to higher interest rates for longer and hurting foreign flows into emerging markets such as India. "We expect the market to remain flat to negative on account of concerns over continued foreign selling, imposition of tariffs by the U.S. on Canada, Mexico and lack of domestic triggers," said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services. The MSCI Asia ex-Japan (.MIAPJ0000PUS), opens new tab dropped about 1%, tracking an overnight decline in Wall Street equities. The Nifty and BSE Sensex (.BSESN), opens new tab are down about 16% from record highs hit in September amid growth concerns, slowing corporate earnings, relentless foreign selling and trade uncertainty. Foreign portfolio investors (FPIs) have sold over $26 billion worth of shares in India since October, including 47.88 billion rupees ($548.29 million) on Monday. The broader small and midcaps confirmed bear market in February, a more than 20% fall from their record high levels. STOCKS TO WATCH ** Maharashtra GST officials initiate, opens new tab search at three offices of RBL Bank ( opens new tab in the state on March 3, the lender said. It did not disclose details of the alleged violation or its impact on its financials. ** Oil downstream companies such as Bharat Petroleum Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab and Indian Oil Corp ( opens new tab are in focus as oil prices slip to 12-week low on demand worries and likely OPEC output hike. ** Indian Energy Exchange's ( opens new tab trade volumes in February rise 9%.
Reuters
11-02-2025
- Business
- Reuters
Russian energy official says US sanctions should not hinder oil trade with India
NEW DELHI, Feb 11 (Reuters) - U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, adding that it was too early to assess the impact of the latest restrictions. India became the top buyer of Russian sea-borne oil sold at a discount after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine in 2022. Last month, Washington imposed fresh sanctions targeting Russia's oil supply chain, causing tanker freight rates to soar as some buyers and ports in China and India steered clear of sanctioned ships. "Our relationship with India is based on economic pragmatism," Sorokin told the India Energy Week conference. "We believe energy trade shouldn't be hindered by any politics," he said. Sorokin said it was too early to measure the impact of the latest U.S. sanctions. "You cannot judge about the situation on the basis of a few weeks of data. More time is needed to assess these things, but we believe that constructive relationships will continue to be successful," he said. Russian supply to India fell in December and January from levels in the preceding six months. Indian Oil Corp ( opens new tab, the country's top refiner, flagged last month that it is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow. IOC is buying Russian crude without the involvement of sanctioned entities, Chairman A S Sahney told reporters on the sidelines of the conference on Tuesday. Sorokin said the sanctions are illegal and have taken a huge toll on the global economy. "Tens of billions of dollars have been taken away from developing economies, and they have also increased the cost of capital for everyone in this industry," he said. "Sanctions have added an element of uncertainty in a sector like energy where projects have very long lead times." He added that Russia has the technology necessary to develop its resources and will continue to be a major global player.
