Indian Refiners Negotiate Russian Oil Purchases

23 Sep 2024 CW Team

Indian refiners are actively negotiating to secure Russian oil supplies for the upcoming year, as confirmed by a government source on Thursday. This strategic move comes amid a backdrop where suppliers are primarily utilizing Russian insurance for crude priced above the $60 per barrel cap established by the G7, European Union, and Australia to limit Russia’s oil revenue post-Ukraine invasion.

As India’s top oil supplier, Russia plays a critical role in meeting the country's energy needs. Indian refiners, particularly private companies, have successfully signed annual contracts for Russian oil, while state refiners are opting for spot market purchases. The reliance on Middle Eastern producers remains significant, with discussions for term deals with these suppliers set to commence in December.

Oil Minister Hardeep Singh Puri reaffirmed India's intent to continue purchasing Russian oil from non-sanctioned entities due to competitive pricing. The shift towards using Russian insurers has enabled Moscow to navigate the price cap challenge, allowing sales above $60 per barrel without facing immediate sanctions.

The source highlighted the changing dynamics in negotiation positions, emphasizing that with global oil demand estimates being adjusted downward, Indian refiners might seek more favorable terms. Additionally, transactions for Russian oil are primarily conducted in Emirati Dirhams and US dollars, with historical precedents of payments being made in Rupees and Chinese Yuan for certain deals.

This complex landscape underscores the balancing act Indian refiners are performing, navigating international sanctions while securing vital energy resources at competitive prices.

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..