REFINER
Reliance's refining margins recover but retail remains uncertain
Reliance Industries Ltd's recent underperformance was driven by weak refining margins and poor retail top-line growth. While refining margins have rebounded, retail growth remains uncertain. Despite this, Reliance is expected to deliver positive free cash flow due to its strong EBITDA and anticipated commissioning of solar capacities.
JPMorgan slashes RIL target price to Rs 1,468 amid sluggish retail growth
JPMorgan lowered Reliance Industries' target price to Rs 1,468, citing weak retail growth and refining margins. Despite challenges, RIL's solar panel manufacturing plans offer potential upside. Shares are trading at Rs 1,232.65.
Vedanta Resources may raise $1.2 billion to refinance debt
The company is in talks with investors to raise $500 million in the coming weeks through a bond issue to partly refinance $606 million of outstanding 13.875% notes maturing in 2028. This is a re-tap of the bonds raised in September and the instrument is likely to be priced around 10.2%, where the bond is trading.
Oil settles down 2% on weaker Chinese demand, uncertainty over Fed rate cut
Oil prices dropped over 2% on Friday, driven by concerns about weakening demand from China and the potential for slower interest rate cuts by the U.S. Federal Reserve. China's factory output slowed, and its demand for oil decreased, while U.S. economic data was stronger than anticipated, potentially influencing the Fed's decision on rate cuts.
Russian refineries cut oil runs due to losses, closures loom
At least three Russian oil refineries have been forced to halt or reduce production due to financial losses. Export restrictions, surging crude prices, and high interest rates have created a challenging environment for the industry. The closures threaten fuel exports and government revenue, highlighting the impact of sanctions and the conflict in Ukraine.
Arvindar Singh Sahney will be new chairman of IndianOil
Arvindar Singh Sahney, current Executive Director at Indian Oil Corporation (IOC), has been appointed as the company's new chairman. Sahney's five-year term follows the completion of Shrikant Madhav Vaidya's extended tenure. Selected from a pool of candidates, Sahney's appointment marks his rise from a three-decade career at IOC, including a recent promotion to Executive Director.
Biofuel blending on track, saved Rs 91,000 Cr in import bills, says Petroleum Minister Puri
India is making significant progress in biofuel blending and is expected to surpass its 2030 target of 20% ahead of schedule. The country's biofuel efforts have resulted in substantial savings on oil import bills and boosted the agricultural sector. India's refining capacity is also expanding, positioning the nation for a successful energy transition.
India shaping up as refining hub, to rely on fossil fuels until 2040, oil minister says
India, the third largest oil importer, plans to expand its refining capacity by 81% to become a global refining hub. Despite global shifts towards cleaner energy, India's reliance on fossil fuels is projected to continue until at least 2040, with existing refineries slated for expansion to meet growing domestic demand and serve as regional suppliers.
No shortage of crude oil in world, enough refining capacity in country: Hardeep Puri
Union Petroleum Minister Hardeep Singh Puri reassured there is no global crude oil shortage, emphasising India's sufficient refining capacity. Amid Middle East tensions, Puri predicted stability, noting additional oil from Brazil and the US entering the market. He highlighted that current oil prices factor in these geopolitical conditions.
HPCL invested Rs. 3,771 crore in Q2FY25 to boost refining and marketing infrastructure
HPCL invested Rs. 3,771 crore in Q2FY25 to boost its refining and marketing infrastructure. The total investments for April-September 2024 amount to Rs. 6,588 crore. HPCL's PAT declined to Rs. 631 crore. It is also focusing on green energy initiatives, launching a Green Hydrogen Plant and signing multiple MoUs to develop a Green Fuel Ecosystem.
Oil use falls for second straight month in September
India, the world's third-largest oil consumer, saw oil consumption decline for the second month in September, influenced by a surprising drop in diesel demand. This trend adds pressure to global crude prices already impacted by weak Chinese demand. Vehicle sales also saw significant declines, contributing to reduced fuel consumption.
Enough Oil available in the world, India buying from 39 sources: Hardeep Singh Puri
India has broadened its oil procurement base from 27 to 39 sources to meet its increasing energy needs. Union Minister Hardeep Singh Puri stated there is more oil available globally than consumption, ensuring stability in the market. With rising domestic demand, India's refining capacity is projected to grow significantly by 2030, ensuring energy security.
Petrol sales rises 2.8% in September, diesel drops 2%
Petrol sales in India saw a 2.8% increase in September year-on-year, while diesel fell by 2%, indicating an oil demand slowdown. LPG sales rose by 1%. The growth rates for these fuels in September were lower than the April-August averages. Jet fuel sales jumped 9.5% driven by strong air traffic.
India's oil-product exports soar amid refinery shutdowns in Europe
India's clean oil-product exports surged to their highest since March 2022, driven by increased demand from Europe and Africa due to refinery shutdowns. In September, shipments of diesel, gasoline, and jet fuel reached 1.5 million barrels a day, marking a 39% year-on-year increase. European refinery maintenance and poor margins contributed to this spike.
India to boost crude oil refining capacity by 35-40 MT by Fiscal 2030: Crisil Ratings
India's oil marketing companies are set to increase the country's crude oil refining capacity by 35-40 million tonnes by fiscal 2030, reaching a total of 295 million tonnes. This expansion, driven by rising domestic oil consumption, will require an investment of Rs 1.9-2.2 lakh crore. Most additions will be brownfield expansions, reducing project risks and ensuring steady returns.
Oil demand growth falls 45% till August
India's oil demand growth has nearly halved this financial year, with diesel sales stagnating. Diesel sales, which make up 38% of refined product consumption, have risen just 1%. High rainfall and lower power consumption contributed to the decline. Domestic production and exports of petroleum products have also slowed.
India's August Russian oil imports slip 18% from July, tanker data show
India's oil imports from Russia dropped by 18.3% in August to about 1.7 million barrels per day due to reduced crude processing by some refiners. Despite the decline, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. Overall, India imported 4.7 million barrels per day of oil in August, down by about 1% from July.
Indian refiners using Russian insurance for oil above $60/bbl, govt source says
Indian refiners are using Russian insurance for oil cargoes priced above $60 per barrel, bypassing the G7 price cap. Russian firms insured 60% of these shipments to India in July, up from 40% in December. India is now the top buyer of Russian oil, overtaking China.
Duty hike on crude, refined oils to hugely benefit farmers: Official
The government has increased customs duty on crude palm and refined sunflower oil to 20% and 32.5%, respectively, benefiting farmers by boosting their income. The removal of the minimum export price and reduction in export duty on onions will also aid farmers. These measures aim to support soya and oilseed farmers, particularly in Maharashtra and Madhya Pradesh, without affecting market sentiments. The changes are expected to enhance exports and farmer incomes.
Load More
