IOC, BPCL Resume Russian Oil Buys As Discounts Widen
OIL & GAS

IOC, BPCL Resume Russian Oil Buys As Discounts Widen

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have resumed purchases of Russian crude for September and October deliveries, after discounts on the country’s flagship Urals crude widened, two company officials confirmed.
The refiners had paused imports in July due to narrowing discounts and heightened political pressure, after Washington criticised India’s Russian oil buys. Former US President Donald Trump also threatened a 25 per cent levy on Indian goods, effective 27 August, in response to New Delhi’s continued imports.
With Urals crude now available at discounts of around $3 per barrel, the economics have once again turned favourable for Indian refiners, while China has simultaneously increased purchases, the officials said.
Alongside Urals, IOC has also purchased other Russian grades, including Varandey and Siberian Light.
IOC, India’s largest refiner, told analysts earlier this week that it would continue to source Russian oil based on commercial viability. Indian refiners generally refrain from publicly commenting on crude procurement decisions.

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have resumed purchases of Russian crude for September and October deliveries, after discounts on the country’s flagship Urals crude widened, two company officials confirmed.The refiners had paused imports in July due to narrowing discounts and heightened political pressure, after Washington criticised India’s Russian oil buys. Former US President Donald Trump also threatened a 25 per cent levy on Indian goods, effective 27 August, in response to New Delhi’s continued imports.With Urals crude now available at discounts of around $3 per barrel, the economics have once again turned favourable for Indian refiners, while China has simultaneously increased purchases, the officials said.Alongside Urals, IOC has also purchased other Russian grades, including Varandey and Siberian Light.IOC, India’s largest refiner, told analysts earlier this week that it would continue to source Russian oil based on commercial viability. Indian refiners generally refrain from publicly commenting on crude procurement decisions.

Next Story
Infrastructure Energy

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..

Next Story
Infrastructure Urban

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..

Next Story
Infrastructure Energy

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..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?