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

09 Jan 2026

Mount Invests Rs 250 Cr, Adds PUF & PEB Plants, 400+ Jobs

TUMKUR, Karnataka, January 8, 2025 - Mount Roofing & Structures Private Limited, one of India's fastest-growing manufacturers in PUF and a leading solutions provider across Pre-Engineered Building (PEB) and Polycarbonate sheets, simultaneously inaugurated its second fully automated continuous Sandwich Panel manufacturing line and a new PEB manufacturing plant at its integrated campus in Tumkur." The milestone expansion, part of a total investment of INR 250 crores, marks a significant advancement in the company's commitment to engineered performance, manu..

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..