India Seeks Unified Russia Oil Deal

24 May 2024 CW Team

India has made an unusual request to its state-run oil refiners and the private sector giant, Reliance Industries Ltd., to come together to negotiate a long-term oil supply agreement with Russia. This initiative aims to secure at least a third of their oil supply from Russia at a fixed discount, which could help protect the Indian economy from the volatile oil prices that affect global markets. The government's strategy reflects a proactive approach to leverage collective bargaining power to ensure more stable and cost-effective energy resources amid rising geopolitical tensions .

However, the collaboration faces significant challenges, primarily due to competitive dynamics within the domestic market. Reliance Industries, operating independently from state refiners like Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp., is hesitant to share sensitive market information with its competitors. This reluctance could potentially hinder the government's efforts to foster a unified front in negotiations with Russia, complicating the process of securing favorable terms .

The backdrop to this development is the increased intake of Russian oil by Indian refiners following the imposition of Western sanctions on Russia due to its actions in Ukraine. These sanctions have led to discounted Russian oil prices, prompting a shift in India's oil import strategy. Despite the discounts, the complexities of international trade and sanctions have posed challenges for India, which has traditionally relied on oil imports from the Middle East ,[4]].

This strategic move by the Indian government not only aims to secure a reliable and economically viable supply of oil but also attempts to navigate the intricate geopolitical landscape that impacts global oil markets. The success of this collective negotiation could set a precedent for how countries engage with major oil suppliers amid international tensions and market fluctuations.

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..