MRPL

March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES

Source text: ID:nNSE1sLg6N

Further company coverage: MRPL.NS

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By Mohi Narayan and Ahmad Ghaddar

NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.

The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.

The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.

At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.

Vitol and TotalEnergies declined to comment.

Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.

Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.

Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.

"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.

Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.

Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN

REGIONAL SUPPLY FALLS

Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.

China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.

Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.

India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.

(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)

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Adds Sinochem

By Ruth Chai

March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.

Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.

It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.

Here are some of the latest developments:

CHINA

* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.

The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.

* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.

Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.

* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.

Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.

* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.

CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.

* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.

* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.

* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.

JAPAN

Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.

Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.

* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.

* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.

* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.

MALAYSIA

Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.

More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.

SINGAPORE

* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.

SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.

* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.

The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.

* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.

* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.

Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.

TAIWAN

Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.

The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.

BAHRAIN

Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.

THAILAND

Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.

INDIA

India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.

SOUTH KOREA

South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.

INDONESIA

Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.

VIETNAM

Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.

(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)

((Ruth.Chai@thomsonreuters.com;))

Recasts with comments from oil ministry

By Nidhi Verma

March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.

"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.

India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.

India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.

India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.

The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.

He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.

"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.

Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.

All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.

India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.

So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.

However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.

India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.

Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.

The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.

India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)

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Updates March 5 article to add Aster under SINGAPORE

By Ruth Chai

March 6 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.

Here are some of the latest developments:

CHINA

Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.

Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.

Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.

China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.

INDIA

India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.

SOUTH KOREA

South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.

SINGAPORE

Singapore petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.

Meanwhile, Singapore refiner and petrochemical major Aster Chemicals and Energy has declared force majeure regarding supplies, a company spokesperson said on Friday.

Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on Friday, having restarted at the end of February, sources said.

INDONESIA

Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.

VIETNAM

Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.

(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)

((Ruth.Chai@thomsonreuters.com;))

By Ruth Chai

March 5 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.

Here are some of the latest developments:

CHINA

Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.

Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.

Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.

China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.

INDIA

India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.

SOUTH KOREA

South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.

SINGAPORE

Singaporean petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.

INDONESIA

Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.

VIETNAM

Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.

(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)

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Corrects refining capacity to 300,000 bpd from 500,000 bpd in paragraph 3

By Mohi Narayan and Nidhi Verma

NEW DELHI, March 4 (Reuters) - India's Mangalore Refinery and Petrochemicals MRPL.NS declared force majeure on all upcoming gasoline export cargoes amid the Middle East conflict that has disrupted crude oil flows from the Gulf, two traders said on Wednesday.

The company had already awarded two to three cargoes via tenders for early March loading and is in discussion with buyers on settling those supplies, one of the traders said.

The state-run refiner, which operates a 300,000-barrel-per-day refinery in the southern state of Karnataka, exports about 40% of its refined fuel output.

Shipping through the Strait of Hormuz between Iran and Oman, a conduit for about a fifth of oil consumed globally, has virtually stopped after Iranian attacks on vessels in the wake of U.S. and Israeli strikes that interrupted energy trade flows.

MRPL did not immediately respond to a Reuters email request for comment. A source with the company, who sought anonymity, confirmed the force majeure.

Indian refiners fill about 40% of their crude needs through purchases from the Middle East, in addition to sourcing from spot markets and processing domestic oil.

India is scouting for alternative sources to importing crude, liquefied petroleum gas and liquefied natural gas, a government source said on Tuesday.

In January, MRPL said it was exploring purchases of Venezuelan oil after the refiner halted imports of Russian oil to comply with Western sanctions.

India's crude inventories are sufficient to meet demand for about 25 days. Refiners also hold a 25-day inventory of gasoil, gasoline and liquefied petroleum gas, the government source added.

(Reporting by Mohi Narayan and Nidhi Verma; Editing by Tom Hogue, Christian Schmollinger and Clarence Fernandez)

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Updates

** Shares of oil explorers Oil and Natural Gas Corp ONGC.NS and Oil India OILI.NS fall 1% and 5.1%, respectively, tracking fall in oil prices O/R

** Downstream firms like Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS, which benefit from lower oil prices, up 1.2% and 3.5%, respectively.

** President Donald Trump over the weekend said Iran was "seriously talking" with Washington, signalling de-escalation with OPEC member after military strike risks drove oil prices to multi-month highs

** UBS says India's decision in the federal budget to avoid raising excise duty on retail fuel removes key near-term overhang for oil marketing companies (OMC) and is supportive of marketing margins

** Brokerage flags higher power sector capex and incentives for clean energy, carbon capture and storage as positives for broader energy value chain

** Nifty Energy .NIFTYENR index down 0.1% on Monday vs 0.3% rise in benchmark Nifty 50 .NSEI

(Reporting by Nandan Mandayam and Surbhi Misra in Bengaluru)

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SOUTH GOA, India, Jan 27 (Reuters) - Indian oil refiners are only being offered small volumes of Venezuelan crude as most supply is heading to the United States, four refining executives said on Tuesday, slowing the return of the South American supply to the world's third-largest importer.

Trading houses Trafigura and Vitol began marketing Venezuelan oil this month after an agreement between Caracas and Washington for the U.S. to control 50 million barrels following its capture of Venezuela's Nicolas Maduro on January 3, with proceeds going to a U.S.-supervised fund.

Since then, Indian refiners - Reliance Industries Ltd RELI.NS, Indian Oil Corp IOC.NS Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS have been looking to buy Venezuelan crude.

"Offers are not there. Traders are looking to meet their commitment to the U.S. market," one executive said, referring to Vitol and Trafigura. The executives declined to be named as they are not authorised to speak to media. Vitol and Trafigura did not immediately respond to requests for comment.

Indian refiners have also previously said that discounts on Venezuelan crude are not wide enough to make it attractive for them to purchase.

The trading firms have sold Venezuelan crude to U.S. and European refiners including Valero VLO.N, Phillips 66 PSX.N, Repsol REP.MC and Vitol's Saras refinery in Italy.

A Bharat Petroleum Corp BPCL.NS executive said it plans to tie up with another firm to buy Venezuelan oil as the quantity it needs is small at about 200,000 barrels.

(Reporting by Nidhi Verma; Writing by Florence Tan; Editing by Alexander Smith)

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Repeats to more clients without change to the original text

By Nidhi Verma and Siyi Liu

NEW DELHI/SINGAPORE, Jan 21 (Reuters) - Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.

India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, but the trade drew backlash from Western nations targeting Russia's energy sector with sanctions, saying oil revenues help it fund the war.

The shift away from Russia comes as Middle East producers, armed with higher output quotas from the Organization of the Petroleum Exporting Countries, are keeping global markets well-supplied, softening the impact on prices.

INDIA REFINERS SCALE BACK RUSSIAN BUYS

Indian refiners have begun scaling back Russian oil purchases following discussions at a government meeting to help accelerate a U.S.-India trade deal, three refining sources said.

The oil ministry's Petroleum Planning and Analysis Cell is collecting weekly data on refiners' purchases of Russia and U.S. crude, sources told Reuters this month.

In the latest change, state refiner Bharat Petroleum Corp BPCL.NS awarded one-year tenders to buy Iraqi Basrah and Omani crude to trader Trafigura and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, said the sources, who sought anonymity.

From April, Trafigura will supply four cargoes of Oman crude every quarter at 75 cents a barrel below Dubai quotes and one parcel of Basrah Medium at a discount of 40 cents a barrel to the grade's official selling price, said two traders.

BPCL and India's oil ministry did not respond to Reuters requests for comments.

DOUBLING OF IMPORT TARIFFS A PUNISHMENT FOR RUSSIA BUYS

The United States, already seeking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year to punish it for heavy purchases of Russian oil.

State-run Hindustan Petroleum HPCL.NS, Mangalore Refinery and Petrochemicals MRPL.NS and private refiners HPCL-Mittal Energy Ltd have already stopped buying Russian oil.

India's Russian oil imports fell to their lowest in two years in December, while OPEC's share of imports hit an 11-month high, trade data showed.

Apart from the Middle East, Indian refiners have also increased purchases from regions such as Africa and South America.CRU/TENDA

Indian refiners have also boosted purchases of U.S. oil to partly replace Russian oil and narrow the trade deficit with Washington, while also scouting for Venezuelan oil.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu, Florence Tan in Singapore; Editing by Tom Hogue, Thomas Derpinghaus and Clarence Fernandez)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

SINGAPORE, Jan 19 (Reuters) - Vitol has offered Venezuelan oil to Chinese buyers at discounts of about $5 per barrel to ICE Brent for April delivery, multiple trade sources said.

The offers were made on Friday to a number of refiners, including independent refiners who used to be China's main Venezuelan oil buyers at a deeper discount, one of the sources said.

Independent refiners are unlikely to take up the offers, however, given the sharp increase of prices from a discount of about $15 per barrel in December, trade sources said.

Vitol is also approaching Indian state refiners to sell the oil. India's Mangalore Refinery and Petrochemicals MRPL.NS is exploring purchases of Venezuelan oil as it halts imports of Russian oil to comply with Western sanctions, its head of finance Devendra Kumar said on Monday.

(Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Louise Heavens)

((siyi.liu@thomsonreuters.com;))

** Shares of Mangalore Refinery and Petrochemicals Ltd MRPL.NS surge nearly 8.8% to 158 rupees

** State-owned oil refiner and fuel retailer posts about 5x jump in Q3 profit, helped by higher sales

** Q3 revenue up 16%

** MRPL was up 5% before reporting results

** Stock climbed 2.4% in 2025, marking a fifth consecutive year of gains

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

SINGAPORE/NEW DELHI, Nov 24 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd has bought 2 million barrels of Abu Dhabi Murban crude for January loading via a tender as it continues to shun Russian oil, trade sources said on Monday.

The refiner bought the cargo from BP via a tender, they added, although the price was not immediately available.

Companies typically do not comment on their commercial deals.

The purchase comes after MRPL bought 1 million barrels of Basra Medium crude for January 1-7 delivery earlier this month.

Indian refiners are scouting for alternatives after U.S. President Donald Trump imposed sanctions on Rosneft ROSN.MM and Lukoil LKOH.MM, Russia’s two largest oil companies, in an attempt to pressure President Vladimir Putin to end the war in Ukraine.

(Reporting by Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Muralikumar Anantharaman)

((Florence.Tan@thomsonreuters.com;))

Adds background

SINGAPORE/NEW DELHI, Nov 10 (Reuters) - Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.

Hindustan Petroleum Corp HPCL.NS has bought 2 million barrels each of U.S. West Texas Intermediate crude and Abu Dhabi's Murban crude for January arrival, they said.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS has bought one million barrels of Basra Medium crude for January 1-7 delivery, they said.

The identity of the sellers and pricing details were not immediately known.

Indian refiners are scouting for alternatives after U.S. President Donald Trump imposed sanctions on Rosneft ROSN.MM and Lukoil LKOH.MM, Russia’s two largest oil companies, in an attempt to pressure President Vladimir Putin to end the war in Ukraine.

MRPL has paused purchase of Russian oil due to the risks involved, a company source said last month.

HPCL, which has cut its intake of Russian oil in the last few months, has also paused imports from Russia.

(Reporting by Siyi Liu and Florence Tan in Singapore, Nidhi Verma in New Delhi; Editing by Tom Hogue and Eileen Soreng)

((Florence.Tan@thomsonreuters.com;))

NEW DELHI/MOSCOW, Nov 6 (Reuters) - Russian oil is trading at its steepest discounts to Brent in a year in Asia, as major Indian and Chinese refiners reduce purchases following fresh U.S. sanctions on leading Russian producers, industry sources said.

The price gap for Russia's flagship Urals crude widened by $2 to about $4 per barrel below Brent for December arrival, the widest discount seen in about a year, according to four trading and refining sources involved in Russian oil supplies.

The discounts, though less severe than those seen after the initial wave of Western sanctions in 2022, when they stood at around $8 per barrel, reflect mounting pressure on Russian oil revenues — a critical lifeline for Moscow's budget.

The United States recently imposed tough restrictions on Russian oil giants Lukoil and Rosneft, setting a November 21 deadline for companies to conclude all transactions with these entities.

In response, key Indian refiners including Hindustan Petroleum Corp, Bharat Petroleum Corp, Mangalore Refinery and Petrochemicals, HPCL-Mittal Energy, and Reliance Industries have paused orders for Russian oil intended for December arrival. Together, these five companies account for about 65% of India's Russian oil imports.

Representatives of Indian refiners, as well as Rosneft and Lukoil, did not respond to Reuters' requests for comment.

ASIAN MARKET FOR RUSSIAN OIL DIVIDED

Chinese state oil majors have also suspended purchases of seaborne Russian oil following the U.S. sanctions on Rosneft and Lukoil, multiple trade sources said on Thursday, pushing ESPO Blend oil trade to discounts in Chinese ports. The move by both Indian and Chinese refiners, Russia's two largest buyers, threatens to leave more Russian oil unsold.

Sources say the Asian market for Russian oil is now divided, with barrels from non-sanctioned entities fetching a premium, while cargoes linked to sanctioned suppliers or ships are sold at steep discounts. Overall demand for Russian oil in India has declined sharply, and total December imports are expected to drop significantly.

The downturn in Russian oil sales comes ahead of a planned visit by President Vladimir Putin to India and ongoing pressure from Washington for both India and China to curb Russian imports. Analysts warn that deepening discounts could further strain Moscow's finances.

(Reporting by Nidhi Verma in New Delhi and Reuters reporters in Moscow; editing by Alexandra Hudson)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

Adds analyst comment in paragraph 10 on India's oil import bill, updates Brent crude futures gains in paragraph 23

By Nidhi Verma

NEW DELHI, Oct 23 (Reuters) - Indian refiners are poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on two top Russian producers, industry sources said on Thursday, potentially removing a major hurdle to a trade deal with the United States.

The change comes as India faces punishing 50% tariffs on its exports to the U.S. - with half of those duties in retaliation for Russian oil purchases - and negotiates a potential trade deal that could bring those tariffs in line with Asian peers in exchange for winding down crude imports from Moscow.

India has emerged as the biggest buyer of discounted seaborne Russian crude in the aftermath of Moscow's 2022 full-scale invasion of Ukraine, importing about 1.7 million barrels per day in the first nine months of this year.

The U.S. sanctions target Lukoil LKOH.MM and Rosneft ROSN.MM, Russia's two biggest oil producers.

Privately-owned Reliance Industries RELI.NS, the top Indian buyer of Russian crude, plans to reduce or cease imports of Russian oil, including halting purchases under its large long-term deal with Rosneft, people familiar with the matter said.

"Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines," a Reliance spokesman said in response to a query on whether the company plans to cut its crude imports from Russia.

Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said on Thursday.

India's oil ministry and the state refiners did not immediately respond to requests for comment.

"There will be a massive cut. We don't anticipate it will go to zero immediately as there will be some barrels coming into the market" via intermediaries, a refinery source said, declining to be named as they were not authorised to speak with media.

Rosneft and Lukoil together supplied about 60% of the Russian oil purchased by India, said Prashant Vashisth, vice president at Moody's affiliate ICRA Ltd.

"While India can substitute the purchases from Russia with suppliers from the Middle East and other regions, the import bill for crude oil would increase. On an annual basis, the replacement by market priced crude would lead to an increase in the import bill by less than 2%," he said.

'IT ALL DEPENDS ON BANKS'

Wednesday's sanctions, the first of President Donald Trump's second term targeting Russia over its actions in Ukraine, come as his frustration grows with Russian President Vladimir Putin.

"If the Trump administration does indeed back today’s words by action, we anticipate that refiners seeking to retain access to U.S. capital markets will forego Russian barrels," RBC Capital analyst Helima Croft wrote in a note.

The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

"It all depends on banks," another Indian refinery official said. "If banks clear payments then we will buy. Otherwise my intake will be zero."

BIG BUYER

Reliance, which is controlled by billionaire Mukesh Ambani and operates the world's biggest refining complex at Jamnagar in western Gujarat state, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian oil major Rosneft. The refiner also buys Russian oil from intermediaries.

In recent days, Reliance has purchased spot crude cargoes from the Middle East and Brazil, which could be used to partly replace Russian supplies, traders said. It was seen in the market on Thursday scouting for supplies, said a Middle Eastern trader approached by Reliance.

One of the sources said that before the U.S. move, Reliance was considering stopping Russian oil imports for the one of its two refineries that is export-focused due to a ban by the European Union on refined products produced from Russian oil that takes effect in January.

Indian refiner Nayara Energy, whose biggest shareholder is Rosneft, also buys oil from the Russian state company. Nayara did not immediately respond to a request for comment.

Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil as their purchases are typically made through intermediaries, trade sources said.

Brent crude futures LCOc1 extended gains, rising by 4.92% at 1452 GMT on Thursday.

(Reporting by Nidhi Verma; Writing by Florence Tan and Tony Munroe; Editing by Himani Sarkar, Tom Hogue and Kate Mayberry)

((Florence.Tan@thomsonreuters.com;))

Oct 16 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• HAVE ALREADY STARTED LOOKING AT ALTERNATIVE OIL SOLD AT DISCOUNT

• HOPEFUL WILL CONTINUE TO BUY RUSSIAN OIL IN NEAR FUTURE

• PROCESSED 35-40% RUSSIAN OIL IN SEPT QUARTER

• NOT BUYING US OIL DUE TO PRICING, MAY BUY IN FUTURE

Source text: [ID:]

Further company coverage: MRPL.NS

((Reuters.Briefs@thomsonreuters.com;))

By Mohi Narayan and Nidhi Verma

NEW DELHI, Sept 24 (Reuters) - Indian oil refiners are increasing gasoline and diesel exports to their highest levels in several years, driven by expanded crude processing capacity and increased domestic ethanol blending that has freed up fuel supplies for overseas markets, traders and analysts said.

Refiners in India, which sources about a third of its crude from Russia, are boosting runs and redirecting surplus barrels abroad.

The rise in exports is expected to help meet Europe’s winter heating oil demand and support Indian refining margins, after refiners turned to discounted Russian crude when Europe and the U.S. imposed sanctions on Moscow for its invasion of Ukraine in February 2022.

Washington D.C. has accused India of profiteering by importing Russian oil at lower prices and reselling refined fuel at higher rates; India has said its purchases have stabilised markets.

This year, India's crude processing is expected to increase by 130,000 to 160,000 barrels per day to about 5.51 million bpd, with gasoline exports hitting a record high of around 400,000 bpd, according to consultancy Wood Mackenzie.

An Indian refining source, who declined to be named due to company policy, said exports are rising because of weaker domestic demand during the monsoon season and fewer scheduled maintenance outages.

Data provider Kpler pegs India’s 2025 gasoline exports at 387,000 bpd, mainly to Asia.

"The growth in gasoline exports is supported by a rising share of ethanol blending in domestic gasoline consumption," Woodmac analyst Priti Mehta said.

The world's second-biggest crude importer and consumer increased ethanol blending in gasoline to 20% this year, up from 12% in 2023.

Refiners, led by Reliance Industries RELI.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS, are boosting exports to capitalise on strong Asian gasoline margins GL92-SIN-CRK, which have risen 51% since the start of the year to about $11 to $12 a barrel.

The companies did not immediately respond to Reuters' requests for comment.

EUROPE'S DIESEL BUYING SPREE

India’s gasoil exports are also expected to hit a four-year high this year, with most volumes heading to Europe to meet winter heating demand, analysts said, as global supply may tighten during the fourth quarter because of heavy refinery maintenance in Europe and the Middle East.

Wood Mackenzie expects India's 2025 gasoil exports to reach 610,000-630,000 bpd while Kpler's forecast is at 560,000 bpd.

The rise in India's exports comes as shipments from Saudi Arabia are set to fall by 300,000 bpd to around 400,000 bpd in October–November with several Aramco 2222.SE refineries scheduled for maintenance, according to consultancy Energy Aspects.

In a sign of the shift, Reliance Industries in late August shipped about 2 million barrels of diesel to Europe on the Very Large Crude Carrier Atokos, an uncommon move aimed at accommodating bigger volumes, ship‑tracking data showed and two Singapore‑based fuel traders said. Diesel cargoes are typically moved on smaller product tankers.

The European Union said in its 18th package of sanctions against Russia in July that it will stop importing petroleum products made from Russian crude after a transitional period of six months. The exemption will continue to apply to imports from Norway, Britain, the U.S., Canada and Switzerland.

(Reporting by Mohi Narayan and Nidhi Verma; Editing by Florence Tan and Tasim Zahid x)

((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))

Aug 29 (Reuters) - INDIA ONGC ONGC.NS EXEC:

• TO BUY STAKE IN OVERSEAS OIL, GAS PROJECTS IF AVAILABLE AT REASONABLE PRICES

• ONGC GROUP REFINERIES WILL CONTINUE TO BUY RUSSIAN OIL AS LONG AS PRICES ARE ECONOMICAL

• THERE'S IS NO GOVERNMENT ADVISORY ON RUSSIAN OIL PURCHASES

• PRODUCING 30,000 BPD OIL, 3MMSCMD GAS FROM EAST COAST 98/2 BLOCK

Source text: [ID:]

Further company coverage: ONGC.NS

((Reuters.Briefs@thomsonreuters.com;))

By Nidhi Verma

NEW DELHI, Aug 27 (Reuters) - India, the world's third-biggest oil importer and consumer and the largest buyer of Russian seaborne crude, is caught in the crossfire of diplomatic negotiations between Russia and the United States to end the war in Ukraine.

WHY HAS TRUMP IMPOSED ADDITIONAL TARIFFS ON INDIAN GOODS?

An additional 25% duty by President Donald Trump takes total tariffs on Indian goods to as much as 50% from Wednesday, among Washington's highest, in retaliation for New Delhi's increased buying of Russian oil.

White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop.

This month, Treasury Secretary Scott Bessent said India was profiteering from its sharply increased imports, making up 42% of total oil purchases, versus less than 1% before the war, a shift Washington has called unacceptable.

Trump's strategy is in a sharp contrast to the former Biden administration, which had welcomed India's Russian oil purchases in order to help keep global oil prices LCOc1, which hit a peak of $139 a barrel in 2022, in check.

WHY INDIA IS BUYING RUSSIAN OIL?

India and China have become the biggest Russian oil buyers since the Ukraine war broke out in 2022 and Western nations shunned energy imports from Moscow and imposed price caps on Russian oil trade. However, there is no blanket prohibition on the purchase of Russian oil if the deals meet parameters of the Western sanctions.

The Indian government aims to reduce its massive crude oil import bill and provide energy at affordable rates to its 1.4 billion citizens. Additionally, the import of discounted Russian oil has allowed India to diversify from more expensive Middle Eastern grades.

India has said its national interests will guide its energy import policies. The country imports over 85% of its total oil requirements for its refining capacity of 5.2 million barrels per day.

WILL INDIA CONTINUE TO BUY RUSSIAN OIL?

For now, India is unlikely to stop importing Russian oil due to energy security, people familiar with the matter said.

However, India's imports of Russian oil are expected to fall in September from August, after state refiners paused their purchases due to smaller discounts, according to LSEG trade flow data.

India's Russian oil imports are expected to remain subdued as state-refiners are not keen to buy at reduced discounts and are instead scouting for only distressed cargoes, said Indian refining sources.

Discounts for Russian Urals crude delivered to India have narrowed to about $2.50 per barrel to dated Brent, trade sources said, versus discounts of $20–$25 per barrel when the war began in February 2022.

India officials said it is difficult to replace Russian oil supplies as the cost of replacement barrels will rise significantly.

HOW MUCH OIL DOES INDIA BUY FROM RUSSIA?

India imported 1.73 million bpd of crude from Russia between January and July, accounting for more than a third of India’s total imports, trade data showed.

Previously, Russian oil made up only a small fraction of India’s overall imports due to logistical constraints, including costly and longer shipping routes.

India reduced its crude intake from Middle Eastern and African nations after increasing Russian imports.

WHO ARE THE TOP BUYERS OF RUSSIAN OIL IN INDIA?

Indian private refiners Reliance Industries RELI.NS and Nayara Energy are the top buyers of Russian oil. Reliance operates the world’s largest refining complex, while Nayara is majority owned by Russian entities, including Rosneft.

Reliance has a term contract with Rosneft ROSN.MM, India’s largest oil import deal with Russia. Together, the two companies account for about 60% of India’s total Russian oil imports.

In contrast, state-run refiners purchase Russian oil from the spot market on a delivered basis.

ALTERNATIVES TO RUSSIAN OIL

Indian companies have raised crude imports from the U.S. and the Middle East in recent months to replace Russian supply.

(Reporting by Nidhi Verma; Editing by Florence Tan and Lincoln Feast.)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

NEW DELHI, Aug 26 (Reuters) - India's state-run Oil and Natural Gas Corp (ONGC) ONGC.NS is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said at an industry event.

ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets.

The plan is at a preliminary stage and "an internal group has been formed to discuss and look into the modalities, including legal issues," said Rajarshi Gupta, managing director at ONGC Videsh.

The trading unit will help ONGC look at sales and purchase of crude oil and refined fuels.

ONGC annually produces about 42 million tonnes of oil, while its refining subsidiaries Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals MRPL.NS together import about 45-50 million tonnes.

"We control about 100 million tonnes of oil within the group," said Gupta.

(Reporting by Nidhi Verma; Editing by Janane Venkatraman)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

By Nidhi Verma

NEW DELHI, Aug 14 (Reuters) - Indian state refiners have started making enquiries with trading firms about purchases of Russia's Urals crude oil as discounts widen, three people with knowledge of the matter said on Thursday, ahead of a high-profile meeting of U.S. and Russian leaders on Friday.

Indian state refiners - Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum Corp BPCL.NS and Mangalore Refinery Petrochemical Ltd MRPL.NS - paused Russian oil purchases last month as discounts narrowed.

(Reporting by Nidhi Verma; Editing by Florence Tan and and Tomasz Janowski)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

By Nidhi Verma

NEW DELHI, Aug 12 (Reuters) - India's state oil refiners will continue to use annual contracts to secure oil supplies and hedge against market volatilities as the future of cheap Russian purchases is in doubt, the oil ministry said in a report to parliament on Tuesday.

India has emerged as the leading buyer of Russian seaborne oil, which is sold at a discount after some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine.

However, U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, is threatening further levies due to India's Russian oil purchases. And state refiners are currently awaiting clarity from the government on whether to continue importing Russian oil.

"Increased imports of Russian crude into India may not last forever," the ministry said in a report responding to a parliamentary panel's questions that did not directly mention the United States or Trump's threatened tariffs.

The report said that state refineries were moving forward with all of their term contracts with other suppliers and regions to secure supply requirements.

Refiners consider factors including supply security, international politics and trade relations when finalising their procurement plans, it added.

"This approach ensures both energy security and the procurement of crude oil at optimal value," the report said.

India, the world's third-largest oil importer and consumer, relies on Russian crude for more than a third of its imports.

State refiners, which account for over 60% of the country's 5.2 million barrels per day of refining capacity, have paused purchases of Russian oil due to narrowing discounts. Private refiners Reliance Industries Ltd RELI.NS, Nayara Energy, and HPCL-Mittal Energy Ltd are continuing with their purchases.

Trump has made bringing an end to the war in Ukraine a priority of his administration. He is due to meet with his Russian counterpart Vladimir Putin, with whom he's had a tumultuous relationship, in Alaska on Friday as part of his efforts to secure a peace deal.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

NEW DELHI, Aug 7 (Reuters) - India is likely to be among the countries worst hit by U.S. President Donald Trump's trade offensive, with tariffs on Indian imports set to surge to 50% if a deal is not struck in three weeks.

Below are various options for India to deal with the crisis.

NEGOTIATE FURTHER

India was expected to be among the first countries to sign a trade deal with Trump's team, but talks fell through after five rounds of negotiations over disagreements on opening India's vast farm and dairy sectors and stopping Russian oil purchases.

New Delhi has reacted strongly to the 50% tariff on U.S. imports from India, which could virtually stall trade. Still, Indian officials are hopeful that closed-door talks will address some differences. A U.S. trade team is expected to visit the Indian capital later this month.

But Prime Minister Narendra Modi said on Thursday, without referring to the tariffs, that he was ready to "pay a heavy price" for not compromising on the well-being of the country's farmers, dairy sector and fishermen.

Indian officials, however, have said they are open to cutting tariffs for some U.S. farm and dairy goods like almond and cheese.

CUT RUSSIAN OIL IMPORTS

India, the world's third-biggest oil importer and consumer, previously said it was confident of meeting its oil needs from alternative sources if imports from Russia become impractical due to sanctions or other reasons. It bought little Russian oil before the Ukraine war that began in 2022, but now gets more than a third of its oil imports from its old trade and defence partner.

Reuters reported late last month that Indian state refiners such as Indian Oil IOC.NS, Hindustan Petroleum HPCL.NS, Bharat Petroleum BPCL.NS and Mangalore Refinery Petrochemical MRPL.NS had stopped buying Russian oil as discounts narrowed and pressure from Trump mounted. Officials have, however, warned of spikes in global prices without Russian oil in the market.

Besides Russia, other big suppliers to India are Iraq, Saudi Arabia and the United Arab Emirates under annual deals with the flexibility to request more supply every month.

In total, India buys from about 40 countries, including the United States.

BAND TOGETHER WITH FELLOW DEVELOPING COUNTRIES

Along with India, the other big target of Trump's tariffs is Brazil. The two countries are founding members of the BRICS bloc that also includes China, Russia and South Africa.

Brazilian President Luiz Inácio Lula da Silva, who holds the presidency of BRICS, told Reuters that he would call Modi on Thursday and China's Xi Jinping and other leaders afterwards to discuss the bloc's response to the tariffs.

One Indian government source said India needs to gradually repair ties with the U.S. while engaging more with other nations that have faced the brunt of Trump's tariffs and aid cuts, including the African Union and BRICS.

India is already making some forays with Russia and China.

Ahead of Russian President Vladimir Putin's expected visit to New Delhi this year, India's national security adviser is in Moscow and the foreign minister is due to follow. On Tuesday, Russia said the two countries discussed further strengthening defence cooperation "in the form of a particularly privileged strategic partnership".

India has also boosted engagement with China, a change after years of tensions following a deadly border clash in 2020. Modi is set to visit China in weeks for the first time since 2018 for the summit of a regional security conference, which could see the coming together of Modi, Putin and China's Xi Jinping.

The Indian defence and foreign ministers visited China recently.

WHAT ARE THE CONSEQUENCES FOR INDIA IF TALKS FAIL?

India exported goods of around $87 billion in the fiscal year ended March 2025 to the U.S., including garments, pharmaceuticals, gems and jewellery, and petrochemicals. They account for about 2% of India's GDP.

If the proposed 50% duty on Indian goods is enforced, pharmaceutical exports — subject to a different duty structure - may be the only products still shipped from India to the U.S.

And it's not just trade that will be in the firing line.

Analysts expect tensions to spill over to areas like work visas for tech professionals and the offshoring of services. India has long been a major beneficiary of U.S. visa programmes and the outsourcing of software and business services, a sore point for Americans who have lost jobs to cheaper workers in India.

(Reporting by Krishna N. Das, Nidhi Verma, Manoj Kumar and Aftab Ahmed in New Delhi; Editing by Raju Gopalakrishnan)

((Krishna.Das@tr.com; https://x.com/krishnadasassam;))

By Nidhi Verma and Mohi Narayan

NEW DELHI, Aug 6 (Reuters) - India's exports of refined fuel are in the spotlight after last month's European Union sanctions while U.S. President Donald Trump has threatened a tariff hike over its oil purchases from Russia.

The South Asian nation became the top buyer of Russian seaborne crude after Moscow's 2022 invasion of Ukraine. Private refiners Reliance Industries RELI.NS and Nayara are Russia's top Indian oil clients, trade data shows.

India's state refiners have stopped Russian oil purchases as the discounts narrowed and Trump warned countries not to by Moscow's oil, industry sources said. From January 21, the EU will stop direct imports of fuels made from Russian oil.

Here are details of fuel exports from India's two big private refiners.

NAYARA ENERGY

Nayara, recently sanctioned by the European Union, exported nearly 3 million tons of refined fuel in the first half of 2025, data from trade sources showed, or 30% of its total output.

Swiss-based trader Vitol was the top buyer of refined products from Nayara, including diesel and gasoline, for discharge in the United Arab Emirates and West Africa, the data showed.

Other buyers included Aramco Trading, Shell SHEL.L, and BP BP.L.

Nayara was forced to cut output at its 400,000-barrel-per-day refinery at the western port of Vadinar due to difficulties in securing ships for exports after the sanctions, Reuters reported.

The refiner, majority-owned by Russian entities including oil major Rosneft ROSN.MM, sells about 70% of its refined fuels in India through more than 6,600 retail outlets, it said in a Delhi court filing.

RELIANCE INDUSTRIES

Reliance, operator of the world's largest refining complex at Jamnagar, is a much bigger exporter.

Controlled by billionaire Mukesh Ambani, Reliance exported 21.66 million tons of refined products in the first six months of 2025 to buyers such as BP BP.L, Exxon Mobil XOM.N, GlencoreGLEN.L, Vitol and Trafigura, the data showed.

Europe takes the biggest chunk, or 28%, of Reliance's exports, according to the data analysed by Reuters.

The table shows exports by Nayara Energy and Reliance Industries between January and June 2025, according to data obtained from sources. Units are 1,000 tons.

Note: Totals may not tally due to rounding-off.

(Reporting by Nidhi Verma and Mohi Narayan; Editing by Florence Tan and Clarence Fernandez)

((nidhi.verma@thomsonreuters.com; X: @nidhi712 Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.))

Updates with India's justification of buying Russian oil

By Shivam Patel and Chandni Shah

NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter.

On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia.

But the sources said there would be no immediate changes.

"These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight."

Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector.

Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said.

The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy.

Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions.

However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia.

"On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said.

The White House did not immediately respond to requests for comment.

INDIA'S TOP SUPPLIER

Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks.

He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.

Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies.

India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources.

But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand.

Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, Bharat Petroleum Corp BPCL.NS and Mangalore Refinery Petrochemical Ltd MRPL.NS have not sought Russian crude in the past week or so, four sources told Reuters.

Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ROSN.MM, and major buyer of Russian oil - was recently sanctioned by the EU.

Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.

(Reporting by Shivam Patel in New Delhi and Chandni Shah in Bengaluru; Additional reporting by Nidhi Verma and Mayank Bhardwaj; Editing by Raju Gopalakrishnan, Susan Fenton and Joe Bavier)

((Chandni.shah@thomsonreuters.com;))

Repeats story with no changes to text

By Nidhi Verma and Mohi Narayan

NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner.

Nayara, majority-owned by Russian entities including oil major Rosneft ROSN.MM, runs India's third-biggest refinery and exports refined products and also supplies them domestically.

Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints.

India-based Seven Islands Shipping Ltd SEVI.NS and Great Eastern Shipping Co GESC.NS (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters.

Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said.

The sources declined to be named as they were not authorised to speak to the media.

Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them " unjust and unilateral ".

Seven Islands and GESCO did not immediately respond to requests for comment.

Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed.

Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp HPCL.NS, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd MRPL.NS, sources said.

The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said.

HPCL and Sanmar did not immediately respond to requests for comment.

India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022.

Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there.

Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft MSFT.O after the U.S. software giant suspended services to the firm.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi; Additional reporting by Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe, Bernadette Baum and Joe Bavier)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

By Nidhi Verma and Mohi Narayan

NEW DELHI, July 29 (Reuters) - The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday.

India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said.

The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said.

The sources declined to be named as they were not authorised to speak to the media.

Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment.

Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up.

The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday.

Privately held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd.

Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi; Additional reporting by Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe and Bernadette Baum)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

SINGAPORE, July 28 (Reuters) - Middle East crude benchmark spot premiums of Oman and Dubai held steady on Monday, while that of Murban extended declines after hitting a near six-month peak last week.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS has bought two Azeri Light crude cargoes from Trafigura for September delivery via a tender, trade sources said on Monday, a rare purchase of the grade for the Indian refiner.

The price for the 650,000-barrel cargoes was not immediately clear.

The purchase came after the grade's spot premiums slipped to their lowest level in four years following quality issues.

India's Hindustan Petroleum Corp HPCL.NS bought a total of four million barrels of West African crude last month, trade sources said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps was unchanged at $2.93 a barrel.

PRICES ($/BBL)

NEWS

An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.

India's crude oil imports in June fell 4.7% month-on-month to 20.32 million metric tons, the lowest level since February, government data showed on Monday.

Russia's daily oil exports from its western ports are set to be around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July's plan, amid the expected rise in refinery runs, Reuters calculations based on data from two sources show.

Saudi Arabia, the world's biggest oil exporter, may hike crude oil prices for Asian buyers for the second month in a row, with September prices set to hit five-month highs on tight supply and robust demand, refining sources said.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Vijay Kishore)

((siyi.liu@thomsonreuters.com;))

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Repeats earlier story with no change to text

By Nidhi Verma, Mohi Narayan and Trixie Yap

NEW DELHI/SINGAPORE, July 21 (Reuters) - Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions, traders and industry sources said.

Russia is India's top oil supplier, and refiners such as Reliance Industries RELI.NS and Nayara Energy have benefited in recent years from pressure on Russian crude prices from sanctions linked to its invasion of Ukraine. Many have then exported refined products to buyers in Europe.

However in its 18th package of sanctions against Russia, approved on Friday, the European bloc banned imports of refined petroleum products made from Russian crude coming from third countries, excluding a handful of Western nations.

It has also placed direct sanctions on Nayara Energy, a refinery backed by Russian oil major Rosneft ROSN.MM. The package will be phased in over six months.

Reliance, India's largest buyer of Russian oil and refined products exporter, shipped an average of 2.83 million barrels of diesel and 1.5 million barrels of jet fuel per month to Europe in the first seven months of this year, LSEG shiptracking data showed.

That roughly accounted for nearly 30% and 60% of its respective exports of the two products.

Nayara Energy typically exports four million barrels or more of refined products including diesel, jet fuel, gasoline and naphtha per month, though only jet fuel typically heads to European markets, LSEG and Kpler shiptracking data showed.

Under the sanctions, traders are likely to play a bigger role in placing refined products made from Russian crude, the sources said. Given the long phase-in time, they are likely to get creative with routes, they added.

For diesel, traders are likely to swap Indian supplies with Middle East cargoes for export to Europe, Singapore-based traders said. They may also ship Indian cargoes to floating storage facilities in the Middle East or West Africa to be re-exported, they added.

For jet fuel, Indian refiners may either divert cargoes to local markets or ship supplies to Asia, they said.

Reliance and Nayara did not immediately respond to requests for comment.

The changes will benefit traders by generating more trade flows, but will be costly for producers and consumers, said an Asian trader. Europe, heading into winter, may have to pay higher prices for refined fuel, he added.

Nayara said in a statement on Monday it condemned the EU's "unjust and unilateral" decision to impose sanctions on the company, while India said on Friday it does not support the EU's "unilateral sanctions".

Indian state refiners, which also buy Russian crude, are likely to be less affected by the sanctions as they sell most of their fuel locally and export through tenders, mostly to buyers in Asia, including Singapore, refining sources said.

Indian state refiner Mangalore Refinery and Petrochemicals Ltd MRPL.NS said the company's diesel exports were unlikely to be affected by the latest sanctions. Traders in recent months sold some of MRPL's diesel parcels in the UK, according to LSEG.

"We don't directly sell our diesel to the end customer. It is all picked up through a tendering process by a trader," managing director M Shyamprasad Kamath said, adding that he does not see problems in selling refined fuels due to the sanctions.

Following the EU sanctions, Nayara Energy amended the terms of a naphtha tender issued on Monday to obtain payment in advance, a tender document seen by Reuters showed.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi, Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe and Jan Harvey)

((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))