2024-06-13 06:40:00
INDIA NEED OIL
REUTERS - June 11, 2024 - Indian Oil Minister Hardeep Singh Puri on Tuesday announced that state-run Bharat Petroleum Corp (BPCL.NS), opens new tab plans to build a new refinery and the nation is looking at signing more oil import deals with countries including Russia at discounted rates.
Puri, who took charge of the ministry for a second time on Tuesday, said Prime Minister Narendra Modi wants to provide energy at affordable rates to customers to cushion them from the volatile oil markets.
India, the world's third biggest oil importer and consumer, emerged as the biggest buyer of Russian sea-borne oil, snapping up barrels sold at a discount as Western companies halted purchases after Moscow's invasion of Ukraine in 2022.
"We are a longstanding partner of Russian federation. We have had discussion with the Russians on long-term deals," Puri said.
"I am confident that both our private and public sector players will sign long-term deals with countries where they see benefit in doing so," he said, when asked if Indian state-run companies are looking at signing such deals with Russia.
While private refiners Reliance Industries (RELI.NS), opens new tab and Nayara Energy have signed an annual import deal with Russia, state refiner Indian Oil Corp (IOC.NS), opens new tab has not yet renewed its deal.
Nayara Energy, majority owned by Russian entities, has also signed an annual crude supply deal with a trader to buy about 8-10 million barrels each month at a discount of $3-3.50 per barrel linked to the Dubai marker in 2024.
Indian state refiners BPCL and Hindustan Petroleum Corp (HPCL.NS), opens new tab are also looking at signing term deals with Russia.
Puri said the location and capacity of a new refinery planned by BPCL have not yet been finalised.
He said India wants to raise its oil output which has been stagnant for years. State-run Oil and Natural Gas Corp (ONGC.NS), opens new tab has floated a tender seeking technical tie-ups with global oil majors to boost output its western offshore Mumbai High Field, he said.
Output from the Mumbai High Field has been declining since 2018. Having hit a peak of 471,000 barrels per day (bpd) in 1984-85, it produced an average 134,000 bpd in the fiscal year to March 2024.
-----
Earlier:
2024, May, 16, 06:50:00
INDIA NEED GAS
The Indian government, earlier in 2024, issued an order applicable between May 1 and June 30 to increase power generation from gas-based power plants in anticipation of a power crunch this summer season.
2024, March, 7, 06:45:00
INDIA NEED MORE COAL ENERGY
Prime Minister Narendra Modi's government, which has cited energy security concerns and low per-capita emissions to defend India's coal dependence, has been trying to attract private investment to boost its coal-fired capacity by 80 GW by 2032
2024, February, 20, 06:55:00
INDIA NEED RUSSIAN OIL
Russia would look at selling Sokol oil through trading firms to reduce surplus floating stocks in the Pacific. Selling via a trader will help Russia get steady payments, though that will reduce discounts for the buyer,
2024, February, 20, 06:45:00
INDIA NEED GAS
India's natural gas consumption in 2024 will likely grow 5%-6% corresponding to an estimated economic growth of 6%-7%,
2024, February, 13, 06:55:00
INDIA NEED OIL DISCOUNT
India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels.
2024, February, 9, 06:40:00
INDIA'S ENERGY DEMAND WILL DOUBLE
"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.
2024, February, 2, 06:55:00
INDIA NEED OIL REFINING
India’s refining capacity is projected to increase by 56 million tons by 2028, Junior Oil Minister Rameswar Teli said last month, without elaborating. That equates to an overall capacity boost of 22%, or 1.12 million barrels a day.
