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2017-07-10 12:05:00

INDIA BUYS U.S. OIL

INDIA BUYS U.S. OIL

INDIA'S ENERGY DEMAND 2000 - 2040

REUTERS - India, the world's third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October.

The purchase comes after Indian Prime Minister Narendra Modi's visit to the U.S. in June when President Donald Trump said his country looked forward to exporting more energy products to India.

IOC bought 1.6 million barrels of U.S. Mars crude, a heavy, high-sulfur grade, and 400,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier, IOC's head of finance, A.K. Sharma, told Reuters.

PetroChina was awarded the tender to sell the cargoes and is expected to load the oil off the U.S. Gulf Coast, said a trading source with direct knowledge of the sale.

The cargo was priced on a delivered ex-ship basis, which is "very competitive" to that of Basra Light, Sharma said.

"So long as the prices remain competitive, we will buy more of the U.S. crude," he said.

IOC had to obtain special permission from the shipping ministry to buy the cargo on a delivered basis as local regulations favor the use of Indian flagged carriers for imports, Sharma said.

India is the latest Asian country to buy U.S. crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the countries seek to diversify oil imports from other regions after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulfur content.

Indian refiners are seeking these heavy, high-sulfur grades as feedstocks after modifications at their plants make it easier to process these types of crudes, which typically sell at a lower cost relative to other oil types. The U.S. could become an alternative source for the Indian companies for these grades.

A second Indian refiner Bharat Petroleum Corp Ltd also planned to buy its first ever U.S. crude oil cargo and has issued a purchase tender.

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Earlier:

 INDIA:

 

USA:

VIETNAM - INDIAN DEAL  

ROSNEFT - ESSAR DEAL: $12.9 BLN 

ROSNEFT - ESSAR DEAL: $12.9 BLN 

INDIAN OIL PRICES 

MAJOR INDIAN CONSUMPTION 

INDIA'S ENERGY TRANSFORMATION  

HEAVY INDIA'S ENERGY

 

U.S. DEFICIT $46.5 BLN 

U.S. LNG FOR BRITAIN 

U.S. GAS UPDOWN 

U.S. GDP UP 1.4% 

U.S. - S.KOREA BUSINESS 

IMF: U.S. ISN'T WORKING WELL 

U.S. OIL DEMAND UP 4.9%

     

 

 

Tags: INDIA, USA, OIL

Chronicle:

INDIA BUYS U.S. OIL
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

INDIA BUYS U.S. OIL
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

INDIA BUYS U.S. OIL
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

INDIA BUYS U.S. OIL
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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