OIL

March 30 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA - SIGNS MOU WITH CSIR-IMMT FOR JOINT RESEARCH IN CRITICAL MINERALS

Source text: ID:nNSE1yKKfJ

Further company coverage: OILI.NS

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Adds details throughout

March 9 (Reuters) - Indian refiners slumped on Monday as a widening U.S.-Israeli war with Iran pushed Brent crude to a nearly four-year high, threatening their near-term earnings and raising the risk of further government intervention.

State-run Indian Oil IOC.NS dipped 4.6%, Hindustan Petroleum HPCL.NS slid 4.9% and Bharat Petroleum BPCL.NS dropped 5.4%, with BPCL heading for its steepest fall since June 2024.

The rout dragged the Nifty oil and gas index .NIFOILGAS down 2.7% and the energy index .NIFTYENR 2.1% lower, while the benchmark Nifty 50 .NSEI slid 2.8%. The oil and gas index has fallen 6.6% since the U.S.-Israeli strike on Iran last week.

India's top refiner Reliance Industries RELI.NS was down 0.4% after slipping 2.5% earlier.

UBS said Indian oil marketing companies are exposed to the crude spike because their fuel sales far exceed their production - roughly double for IOC and BPCL, and even more for HPCL.

The brokerage downgraded IOC and BPCL to "neutral" and HPCL to "sell" from "buy".

It also reduced fiscal 2027 profit estimates by 19% for IOC, 15% for BPCL and 46% for HPCL.

RISKS OF PROLONGED CONFLICT

Oil prices surged about 26% to $119.5 per barrel - the highest since July 2022 - as some major producers cut supplies and fears ​of prolonged shipping disruptions gripped the market.

Iraq and Kuwait have begun reducing oil output, adding to earlier liquefied natural gas (LNG) cuts from Qatar as the war disrupted shipments out of the Middle East.

Citi on Monday warned refiners' earnings will hinge on how long the geopolitical shock persists, flagging risks from any potential closure of the Strait of Hormuz and shutdowns in Qatar's LNG output - each supplying roughly half of India's crude and LNG needs.

India, the world's second-biggest importer of LPG, consumed 33.15 million metric tons of the cooking gas last year, with imports meeting about two-thirds of demand. Middle Eastern suppliers account for 85%-90% of India's LPG inflows.

New Delhi on Friday invoked emergency powers directing refiners to maximise liquefied petroleum gas production to prevent a cooking-gas shortage following supply disruptions.

Prolonged turmoil could force additional government intervention, including export curbs, duties on refined products or direct budgetary support, Citi added.

Meanwhile, Indian companies raised LPG prices for the first time in about a year on Friday, tracking global benchmarks as the war crimps flows from the Middle East.

India imports more than 80% of its crude oil needs and is the world's third largest oil importer.

(Reporting by Kashish Tandon and Yagnoseni Das in Bengaluru; Editing by Sumana Nandy)

((Kashish.tandon@thomsonreuters.com; 8800437922; Yagnoseni.Das@thomsonreuters.com;))

** Indian upstream oil companies ONGC ONGC.NS, Oil India OILI.NS rise 3% and 2%, respectively

** ONGC, OILI lift Nifty oil and gas .NIFOILGAS up 2.17% on the day

** Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz

** Higher oil prices lead to higher realization and profitability for upstream oil companies

** YTD, ONGC up 19%, OILI rises ~18%

(Reporting by Komal Salecha in Bengaluru)

((Komal@thomsonreuters.com))

** Indian upstream oil companies ONGC ONGC.NS, Oil India OILI.NS rise 2.1% and 2.9%, respectively

** Oil prices rose 4% on Wednesday as traders priced in potential supply disruptions amid concerns of U.S.-Iran conflict O/R

** Downstream firms like Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, BPCL BPCL.NS lose between 0.8% and 1.5%

** Higher oil prices weigh on margins of oil marketing cos

** YTD, ONGC rises ~12.3%, OILI gains ~10%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Feb 11 (Reuters) - Oil India Ltd OILI.NS Exec:

• TO OPERATE 9 MTPA NUMALIGARH REFINERY AT 50% CAPACITY IN MARCH QUARTER

• ON COURSE TO CROSS LAST YEAR'S RECORD ANNUAL PRODUCTION LEVELS

• HAS OPTION TO RAISE STAKE TO OVER 10% IN PLANNED REFINERY BY BPCL IN ANDHRA PRADESH

Source text: [ID:]

Further company coverage: OILI.NS

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

Feb 10 (Reuters) - Oil India Ltd OILI.NS:

• DEC-QUARTER PROFIT 8.08 BILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 49.16 BILLION RUPEES

• SECOND INTERIM DIVIDEND OF 7 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: OILI.NS

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

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)

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

Adds details, context paragraphs 4-6

Jan 29 (Reuters) - Mozambique and TotalEnergies TTEF.PA will relaunch development of the French energy major's $20 billion liquefied natural gas plant on Thursday, nearly five years after it was put on hold following a deadly attack by Islamist militants.

Construction of the project was halted in 2021. But TotalEnergies, which has taken extra equity with its partners after some backers pulled out, said late last year it was ready to resume work at the site in the northern province of Cabo Delgado.

Mozambique's President Daniel Chapo and TotalEnergies CEO Patrick Pouyanne were due to attend a ceremony marking its relaunch, the government said.

"The resumption of the project ... represents a significant milestone for the national economy and reaffirms the confidence of international partners in the energy, institutional and human potential of Mozambique," a statement from Chapo's office said.

Total confirmed the government's announcement but declined to provide further details.

SECURITY HAS IMPROVED, BUT COSTS HAVE RISEN

Security has improved in Cabo Delgado, particularly with the special deployment of Rwandan soldiers around the Afungi construction site. The Islamist insurgency, though weakened, continues to simmer, however.

With capacity to produce 13 million metric tons of LNG annually, the project is expected to make Mozambique a major gas exporter, transforming the poor African nation's economy when it begins producing in 2029. But it has been dogged by security, finance and human rights issues that have spooked some investors.

In October, TotalEnergies wrote to Chapo estimating that the project's costs had risen by $4.5 billion in the years it had been on hold. It said the consortium wanted the development and production period extended by 10 years as partial compensation.

It is unclear whether these extra cost issues have been resolved after Chapo said Mozambique had "counter-arguments" to this amount.

TotalEnergies has a 26.5% stake in the Mozambique LNG consortium. Japan's Mitsui owns 20%, with ENH at 15%, and Bharat Petroleum, Oil India, and ONGC Videsh all on 10%. Thailand's PTTEP holds the remaining 8.5% stake.

(Reporting by Custodio Cossa and Wendell Roelf;
Additional reporting Sfundo Parakozov in Johannesburg and America Hernandez in Paris;
Editing by Alexander Winning and Joe Bavier)

((Sfundo.Parakozov@thomsonreuters.com))

** Shares of Indian upstream oil companies ONGC ONGC.NS and Oil India OILI.NS rise 6.2% and 7.3%, respectively

** Oil prices rose 3% on Tuesday as winter storm disrupts U.S. crude output and exports O/R

** ONGC supported by JVs' shipbuilding contract with Samsung Heavy Industries for two Indian-flag ethane carriers

** Over 18 mln ONGC shares trade on the day, 2x the 30-day-avg vol; OILI trading volume around 10x 30-day-average

** ONGC up about 3% so far in Jan, while OILI gains around 6%

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Jan 27 (Reuters) - Oil India Ltd OILI.NS:

• INDIA'S NUMALIGARGH REFINERY EXEC: TO COMMISSION EXPANDED REFINERY CAPACITY OF 180,000 BPD BY END OF 2026

• NUMALIGARGH REFINERY EXEC: EXPECT THE REFINERY TO OPERATE FULLY AT EXPANDED CAPACITY BY 2027-28

Source text: [ID:]

Further company coverage: OILI.NS

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

Adds details, background throughout

NEW DELHI, Jan 23 (Reuters) - India's Bharat Petroleum Corp Ltd BPCL.NS will buy 12 million oil barrels for $780 million from Brazil's Petrobas PETR3.SA in fiscal 2027, twice the size of its 2026 contract, to partly replace Russian oil, a government statement said on Friday.

Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies.

The deal between the Indian state-run refiner and Brazil's national oil company will be signed next week at the India Energy Week conference, the statement added.

OTHER PACTS

During the four-day conference beginning Jan 27, state-run Numaligarh Refinery Ltd (NRL) will also sign a preliminary deal with France's TotalEnergies TTEF.PA to build a 200 kilo tons per year sustainable aviation fuel project at Paradip in eastern Odisha state.

Additionally, NRL and explorer Oil India Ltd OILI.NS will sign a preliminary deal with TotalEnergies to buy liquefied natural gas (LNG) to meet future demand of the two Indian companies.

Separately, BharatPetro Resources Ltd - an unit of BPCL - is set to sign a pact with Shell SHEL.L to buy stakes in oil and gas companies across the world, the government statement said.

(Reporting by Nidhi Verma in New Delhi and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

** India's upstream oil companies ONGC ONGC.NS and Oil India OILI.NS rise 1.8% and 3.6%, respectively

** Both stocks set for fourth consecutive session of gains, if current momentum holds

** Brent crude oil prices rise to seven-week high on Tuesday, before easing 0.2% on the day O/R

** Fears of disruption in Iranian oil supply boosts the commodity's prices

** Over 5 million OILI shares trade on the day, 2.5x of 30-day average volume; ONGC volumes also surpass 30-day average

** ONGC up 3.4% this year, while OILI up 10.2%

(Reporting by Vivek Kumar M)

((vivekkumar.m@thomsonreuters.com))

** Indian oil marketing cos BPCL BPCL.NS, HPCL HPCL.NS and IOC IOC.NS surge 32%, 21.1% and 22.1%, respectively, in 2025

** Stocks among top 10 gainers on 41-member Nifty Energy index .NIFTYENR, which is up 0.5% for the year

** Oil prices set to fall more than 15% in 2025 as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela

** Lower oil prices boost margins of OMCs, while weighing on upstream oil companies like ONGC ONGC.NS and Oil India OILI.NS

** ONGC and OILI down 0.4% and 1.2%, respectively, in 2025

** ONGC, IOC, OILI, BPCL and HPCL up 1.7%-5.5% on Wed

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

Nov 14 (Reuters) - Indian explorer Oil India OILI.NS reported a 43% slump in second-quarter profit on Friday, as crude realisations, or the price at which it sells the product, declined, while higher expenses also weighed on margins.

The state-owned firm's standalone profit, which excludes earnings from joint ventures and overseas operations, fell to 10.44 billion rupees ($118.8 million) for the quarter ended September 30 from 18.34 billion rupees last year.

The company's crude oil price realisation slid 14% to $68.19 per barrel, from $79.33 per barrel a year ago.

While fuel demand in India, the world's third biggest oil importer and consumer, rose for two out of the three months in the July-September quarter, the company's revenue from operations fell 1.1% on-year to 54.57 billion rupees.

Prices of global brent crude oil LCOc1 were down 0.25% in the quarter.

The company's total expenses also jumped about 22% to 49.7 billion rupees, while operating margin for the quarter shrunk to 13.69% from 30.43% a year earlier.

Oil India's shares dropped 4.7% during the July-September quarter, while larger peer ONGC ONGC.NS fell nearly 2%.

($1 = 87.8950 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Eileen Soreng)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

Oct 28 (Reuters) - Oil India Ltd OILI.NS

• OIL INDIA CHAIR: CO SEEKING LEGAL OPINION ON STAKE IN SANCTIONED RUSSIAN OIL FIELDS

• OIL INDIA CHAIR: OIL INDIA'S $300 MILLION DIVIDEND FOR STAKE IN RUSSIAN FIELD STUCK IN BANKS IN RUSSIA

Further company coverage: OILI.NS

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

Oct 13 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA - CO AND NEEPCO SIGN 15-YEAR GAS SUPPLY AGREEMENT

• OIL INDIA - INKS GAS SALE AGREEMENT WITH NEEPCO FOR 1.4 MMSCMD SUPPLY

Source text: ID:nBSE79cqc3

Further company coverage: OILI.NS

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

** Shares of Oil India Ltd OILI.NS rise as much as 3.1% to 410.25 rupees

** Crude oil and natural gas producer reports occurrence of natural gas in Andaman shallow offshore block

** Adds, preliminary analysis has confirmed presence of natural gas

** More than 1.4 mln shares traded as of 10:52 a.m. IST, nearly their 30-day moving avg of over 1.8 mln shares

** Average rating on stock by 19 analysts is "buy"; median PT is 517.5 rupees - data compiled by LSEG

** OILI last up 1.9% vs 1% gain in Nifty energy index .NIFTYENR

** YTD, OILI down 4.8% vs 0.02% advance in subindex

(Reporting by Meenakshi Maidas in Bengaluru)

((meenakshi.maidas@thomsonreuters.com;))

Sept 25 (Reuters) - Indian refiners' crude throughput declined 4.4% month-on-month in August to 5.27 million barrels per day (22.29 million metric tons), according to provisional government data released on Thursday.

Refinery throughput in July was at 5.51 million barrels per day (23.31 million metric tons).

On a year-on-year basis, refinery throughput rose 3% in August.

India's fuel consumption in August hit an 11-month low, slipping 3.8% month-on-month to 18.73 million metric tons, oil ministry data showed.

India is the world's third-biggest oil importer and consumer.

Meanwhile, 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.

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.

In July, European Union countries approved an 18th sanctions package against Russia over its war in Ukraine, with a lower price cap on Russian oil.

The rise in Indian exports is expected to help meet Europe's winter heating oil demand and support Indian refining margins, after refiners turned to discounted Russian crude.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Noel John in Bengaluru; Editing by Sonia Cheema)

((Noel.John@thomsonreuters.com;))

** Shares of Hindustan Copper HCPR.NS jump 6.7% to 301.68 rupees

** Co signs pact with state run Oil India OILI.NS to explore critical minerals, including copper and associated minerals, on Friday

** OILI shares up 1.5%

** Also signs deed for 20 more year to reopen and expand Rakha copper mine in the eastern state of Jharkhand on Friday

** After a 20-year shutdown, co appointed South West Mining Limited to reopen and develop the copper mine in January

** More than 28.7 million shares traded, almost 5.5x times their 30-day avg

** YTD, HCPR up 22%

(Reporting by Urvi Dugar)

((UrviManoj.Dugar@thomsonreuters.com))

Sept 19 (Reuters) - Oil India Ltd OILI.NS:

• CO AND RVUNL SIGN JVA FOR 1.2 GW RENEWABLE PROJECTS

Source text: ID:nBSE5hC6Fv

Further company coverage: OILI.NS

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

Sept 18 (Reuters) - lOil India Ltd OILI.NS:

• OIL INDIA EXEC: TO EXPAND NUMALIGARH REFINERY CAPACITY TO 180,000 BPD BY DEC 2025 FROM 60,000 BPD NOW

• OIL INDIA EXEC: IN TALKS WITH OTHER STATE RETAILERS TO SUPPLY FUELS FROM EXPANDED NUMALIGARH REFINERY

Further company coverage: OILI.NS

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

MUMBAI, Sept 17 (Reuters) - A unit of Oil India OILI.NS plans to raise 50 billion rupees ($569 million), which includes a greenshoe option of 40 billion rupees, through the sale of 10-year bonds, two merchant bankers said on Wednesday.

Numaligarh Refinery in the state of Assam has invited coupon and commitment for its debut bond issue on Monday, they said.

In August, Reuters had reported that the company is planning to raise funds through bond issue in September.

The company did not respond to an email seeking comment.

Here is the list of deals reported so far on September 17:

*Size includes base plus greenshoe for some issues

($1 = 87.8730 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

((Dharamraj.dhutia@tr.com))

** India's Nifty Oil & Gas .NIFOILGAS and Nifty Energy .NIFTYENR indexes are down 0.87%, while the broader NSE Nifty 50 index .NSE is up 0.15%

** India government raised tax rates on oil and gas exploration, production, and pipeline services from 12% to 18%

** Higher GST rate will make exploration and production projects — particularly coal-bed methane initiatives — less competitive, creating headwinds for efforts aimed at boosting domestic output and reducing import dependence, says Dhaval Popat, energy analyst at Choice Institutional Equities

** 11 of 15 stocks in Nifty Oil & Gas index, and 35 of 40 stocks in Nifty Energy index are trading lower

** India's top oil explorers, Oil India OILI.NS and ONGC ONGC.NS, which are constituents of both oil & gas and energy indexes, are down 2.1% and 1.2%, respectively

** YTD, Nifty Oil & Gas up 1.7%, Nifty Energy down 2.5%

(Reporting by Anuran Sadhu in Bengaluru)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

By Dharamraj Dhutia

MUMBAI, Aug 29 (Reuters) - A unit of Oil India OILI.NS is likely to raise around 50 billion rupees ($565 million) through the sale of short-term bonds next month, two merchant bankers said on Friday.

Numaligarh Refinery, based in the state of Assam, is looking to issue its debut notes with a maturity of three years to five years, the bankers, who are aware of the matter, said.

The company did not respond to an email seeking comment, while the bankers requested anonymity as the matter is private.

"The company could tap the market in September, and if the need arises, it could also go for a two-tranche issue," one of the bankers said.

The bonds have been rated 'AAA' by Crisil and India Ratings.

The issuance comes at a time when Indian firms have raised a record quantum of funds in the first five months of this financial year.

($1 = 88.28 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

Aug 26 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA LTD - CO AND BPCL EXECUTE JV AGREEMENT FOR GAS DISTRIBUTION

• OIL INDIA - JV FOR CITY GAS DISTRIBUTION IN ARUNACHAL PRADESH

• OIL INDIA LTD - JVC TO CREATE GAS DISTRIBUTION NETWORK IN ARUNACHAL PRADESH

• OIL INDIA LTD - CO AND BPCL EXECUTE JV AGREEMENT FOR GAS DISTRIBUTION

Source text: ID:nBSE4Ypm2H

Further company coverage: OILI.NS

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

** Crude oil and natural gas producer Oil India OILI.NS falls ~2% to 416.65 rupees after Q1 results

** State run firm's standalone net profit falls 45% y/y due to softer oil prices, while revenue declines 14%

** CLSA says standalone profit was a "big miss", driven by higher than estimated costs due to drywell write- offs and a one time impairment charge

** Stock rated "buy" on avg by 20 analysts, with median PT of 515 rupees implying an upside of ~24% to the current stock price, as per data compiled by LSEG

** YTD, stock down ~4%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

Aug 12 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA Q1 PROFIT 8.13 BILLION RUPEES; IBES EST. 13.2 BILLION RUPEES

• OIL INDIA Q1 REVENUE FROM OPERATIONS 50.12 BILLION RUPEES

Source text: [ID:]

Further company coverage: OILI.NS

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

Aug 7 (Reuters) - Oil India Ltd OILI.NS:

• OIL AND IREL SIGN MOU TO COLLABORATE ON RARE EARTH AND CRITICAL MINERALS

• COLLABORATION WILL PLAY VITAL ROLE IN SECURING STRATEGIC MINERAL RESOURCES

Further company coverage: OILI.NS

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

- Source link: (https://bitl.to/4s7e)

- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

((ReutersIndia.snapping@thomsonreuters.com; +91 80 6749 1310;))

By Sethuraman N R

July 21 (Reuters) - India's Numaligarh Refinery Ltd (NRL) has extended the deadline for submitting bids for its green hydrogen project in Assam by two weeks, according to a tender document, as uncertainty looms over the state's flagship clean energy policy.

NRL, owned by explorer Oil India OILI.NS, has extended the last bid submission date to August 6 from July 23 without citing a reason for the extension, per the document seen by Reuters.

Last week, Reuters reported that the northeastern state of Assam had paused its green hydrogen policy, surprising investors who were already grappling with reduced incentives for renewable energy projects.

The delay has prompted companies to reassess their investment plans worth billions of rupees in the region that has historically lagged behind in clean energy adoption, Reuters had reported, citing sources.

Last week, Harit Molecules Foundation (HMF), an industry body representing green hydrogen project developers in India, wrote to NRL seeking an extension to submit bids for NRL's 10,000-metric-tonnes-per annum green hydrogen generation project at the Assam refinery, per an email seen by Reuters.

The HMF sought the extension citing a lack of clarity on incentives applicable to the project and the complex nature of the project.

NRL and Harit Molecules Foundation did not respond to requests for comment.

NRL had announced the green hydrogen tender last year and it is among the top tenders floated in the country to boost clean energy adoption.

Green hydrogen, produced using renewable electricity, is seen as a key tool in decarbonising heavy industries and transport.

Assam in February announced several incentives to attract clean energy investments into the state, but in June, it sharply reduced transmission subsidies and increased bank guarantees without giving reasons.

Multiple industry and government sources had told Reuters that the state was coming out with a new green hydrogen policy by July-end.

(Reporting by Sethuraman NR; Editing by Devika Syamnath)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))