The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
ONGC launched the 7th Para Games 2026 in New Delhi, featuring around 300 Divyang athletes from eight oil and gas PSUs, highlighting the company's commitment to inclusiveness and employee empowerment.
The government has allowed Reliance Industries Ltd and Mangalore Refineries and Petrochemicals Ltd to sell kerosene outside the public distribution system, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Decks have been cleared for Oil and Natural Gas Corporation to take over the Mangalore Refinery and Petrochemical Ltd with Public Investment Board on Wednesday giving consent to the Rs 659.4 crore (Rs 6.59 billion) proposal.
Five global engineering and power equipment construction majors are in the race to bag the Rs 8,000 crore
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
Mangalore Refinery and Petrochemicals Ltd (MRPL) will double offtake of crude oil from Cairn India's Rajasthan fields to 0.4 million tons this fiscal.
World's third largest oil firm Royal Dutch/Shell will source petrol and diesel from Mangalore Refinery and Petrochemicals Ltd for its upcoming 2000 petrol stations in the country.
Cites legal battle among latter's promoters as reason for staying away from cash-strapped venture.
The government on Wednesday allowed Mangalore Refinery and Petrochemicals Ltd, a subsidiary of the state-owned Oil and Natural Gas Corp, to set up 500 petrol stations
The Oil and Natural Gas Corporation on Friday said the Mangalore Refineries and Petrochemicals Ltd would make profits during the current fiscal if the Karnataka government considered its request of correcting anomalies in duties and taxes.
Mangalore Refinery and Petrochemicals Ltd, a subsidiary of Oil and Natural Gas Corporation, is considering plans to increase sales of aviation turbine fuel in the domestic market and cut down on exports gradually.
The Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore (Rs 815 million).
Mangalore Refinery and Petrochemical Ltd on Wednesday prepaid Rs 2,380 crore (Rs 23.80 billion) of rupee loans and said it plans to prepay the remaining Rs 257 crore (Rs 2.57 billion) of debt by January 19.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
Oil and Natural Gas Corporation may buyback within five years the 21 per cent equity lenders will have in the loss-making Mangalore Refinery and Petrochemicals Ltd after financial restructuring.
Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
The Oil and Natural Gas Corporation plans to invest around Rs 750 crore (Rs 7.50 billion) on upgrading the product quality and debottlenecking in Mangalore Refinery and Petrochemicals Ltd.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
Billionaire Mukesh Ambani's Reliance Industries Ltd is estimated to have earned 724 million euros (about Rs 6,850 crore) from exporting fuel made from Russian crude oil to the US in one year, an European think tank said in a report. "From January 2024 to the end of January 2025, the US imported EUR 2.8 billion of refined oil from six refineries in India and Turkey that process Russian crude.
Mangalore Refinery and Petrochemicals Ltd will seek membersÂ’ approval to convert loans of Rs 3650 million into equity shares of Rs 10 each.
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.
ONGC is weighing the possibility of merging Mangalore Refinery and Petrochemicals Ltd with itself even as it has laid out capex plans of over Rs 500 crore for the refinery, including product upgrade to meet the Euro III norms.
The company also said it has reduced supplies of direct sale of diesel to the railways, state road corporations and other large consumers from April 2008 to restrict heavy under recoveries on these sales. In the annual report sent to the shareholders , the company said it has approval to set up 500 retail outlets across the country. The company had opened its first retail outlet in Karnataka early this year.
This is the first payment Indian refiners have made to Iran since February.
Business opportunity after phased diesel deregulation the main trigger.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
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