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.

Infrastructure Urban

07 Oct 2025

RITES Bags Rs 362 Million Order From DVC

RITES Limited, a Schedule 'A' enterprise under the Government of India, has announced that it has received a major domestic work order from the Damodar Valley Corporation (DVC). The company disclosed the development in a filing to the BSE and NSE dated 2 October 2025. The total contract value stands at Rs 362 million (excluding GST).Under the agreement, RITES will provide comprehensive services for the DVC Mejia Thermal Power Station. The scope of work includes the Annual Maintenance Contract (AMC) for Railway Sidings tracks, Operation and Maintenance (O&M) of Signalling and Telecommunicat..

Greta Minerals Doubles WA Exploration Land, Targets Lithium Supply for India

Greta Minerals Pte, part of Singapore-based Greta Group, has expanded its exploration footprint in Western Australia to 1,550 sq km, up from 700 sq km acquired in 2024.Nitesh Chaudhari, Chairman of Greta Group, said, “We are very happy to expand our landholding, encouraged by initial results from Ultrafine+ soil sampling at Gecko North. The geological corridor appears promising for lithium, gold, and other critical minerals.”The Gecko North Project, 25 km northwest of Coolgardie, is one of seven critical mineral and gold projects under Greta Minerals (Australia) Pty, which now holds 37 gra..

Vedanta Extends Demerger Deadline to March 2026 Amid Pending Approvals

Vedanta, led by Anil Agarwal, has extended the deadline for its corporate demerger to March 31, 2026, as approvals from the National Company Law Tribunal (NCLT) and relevant government authorities are still pending, the company said in a regulatory filing. The deadline had earlier been extended from March 31, 2025, to September 30, 2025.The board stated, “Given that the conditions precedent in the Scheme, including NCLT approval and approvals from certain government authorities, are still in process, the timeline for fulfilment of these conditions has been extended to March 31, 2026.” The ..