IOC gets first shipload of 1 million barrels crude oil from UAE to fill strategic reserves
4 years, 9 months ago

IOC gets first shipload of 1 million barrels crude oil from UAE to fill strategic reserves

Firstpost  

India is capitalizing on low global oil prices to fill its underground strategic oil reserves, with the first shipload of 1 million barrels of crude oil from the UAE arriving at Mangalore as part of efforts to shore up supplies to meet any supply or price disruption New Delhi: India is capitalizing on low global oil prices to fill its underground strategic oil reserves, with the first shipload of 1 million barrels of crude oil from the UAE arriving at Mangalore as part of efforts to shore up supplies to meet any supply or price disruption. First such cargo of 1 million barrels of Upper Zakum Crude oil is being unloaded at Mangalore since yesterday,” IOC Director Ranjan Kumar Mohapatra tweeted. P&NG Shri @dpradhanbjp along with officials of MoPNG reviewed the ongoing operations of India’s Strategic Petroleum Reserves Program in the light of prevailing low crude oil prices,” the Ministry of Petroleum and Natural Gas tweeted. Government-sourced crude fills up half of the Padur capacity currently and 1.25 million tonnes of crude oil from Saudi Arabia is planned to be sourced for filling up the empty space, they said.

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History of this topic

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC
9 months, 3 weeks ago

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC

Live Mint  

India produced a total of 2.3 million metric tonnes of crude oil in February 2024 - registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2-24 and April-February 2024 respectively, compared to the corresponding …

India's crude oil production falls 3.8% in July on lower output from field operated by ONGC, private sector firms
2 years, 4 months ago

India's crude oil production falls 3.8% in July on lower output from field operated by ONGC, private sector firms

Firstpost  

Production of crude oil, which is refined to produce fuels such as petrol and diesel, fell to 2.45 million tonnes in July from 2.54 million tonnes a year back New Delhi: India’s crude oil production fell 3.8 per cent in July on lower output from fields operated by state-owned ONGC and private sector firms, government data released on Tuesday showed. …

India's oil imports from US to rise by 11% amid criticism over Russia purchase
2 years, 9 months ago

India's oil imports from US to rise by 11% amid criticism over Russia purchase

Hindustan Times  

India's oil imports from the United States will rise by 11 per cent this year, officials told Reuters as the country looks to secure supplies from around the world, including heavily sanctioned Russia. AP/PTI India is also looking to Russia; Indian Oil Corp has ordered three million barrels and Hindustan Petroleum Corp has booked two million barrels, Reuters said. Oil …

IOC to import June oil via tenders after snap purchase of 9 million bbls: Report
2 years, 10 months ago

IOC to import June oil via tenders after snap purchase of 9 million bbls: Report

Live Mint  

Indian Oil Corp, the country's top refiner, will seek oil for June arrival via tenders after snapping up 9 million barrels of prompt supplies as it delayed maintenance plans for the Paradip refinery, a source familiar with the matter said. The refiner has deferred a 40-day maintenance shutdown of its 300,000 barrels per day Paradip refinery to August-September from April-May …

India’s crude oil production misses target even as oil import bill surges
2 years, 10 months ago

India’s crude oil production misses target even as oil import bill surges

Live Mint  

India’s crude oil production declined by about 2.6% year-on-year to 24,890 thousand metric tonnes in the first 10 months of the current fiscal year. Analysts said crude oil prices may remain firm primarily due to two factors—geopolitical developments and a supply squeeze by producers, and the current fall, could be due to profit-booking. “Tight global supply conditions and escalating geopolitical …

Reliance eyes first oil cargo from UAE trade arm in December: Sources
3 years, 1 month ago

Reliance eyes first oil cargo from UAE trade arm in December: Sources

The Hindu  

India’s Reliance Industries Limited, operator of the world’s biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said. Abu Dhabi National Oil Co, which has leased part of the strategic petroleum reserve at Mangalore in southern India, supplied …

Reliance eyes first oil cargo from UAE trade arm in Dec: Report
3 years, 1 month ago

Reliance eyes first oil cargo from UAE trade arm in Dec: Report

Live Mint  

India's Reliance Industries Ltd, operator of the world's biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said. Abu Dhabi National Oil Co, which has leased part of the strategic petroleum reserve at Mangalore in southern India, supplied …

India to release 5 millon barrels of crude oil from strategic reserves
3 years, 1 month ago

India to release 5 millon barrels of crude oil from strategic reserves

The Hindu  

India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the U.S., Japan and other major economies to cool international oil prices, a top government official said on November 23. This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in …

India overhauls petroleum reserve policy to boost private interest: Report
3 years, 5 months ago

India overhauls petroleum reserve policy to boost private interest: Report

Live Mint  

India has decided to commercialise half of its current strategic petroleum reserves as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday. Private entities taking storage on lease will be allowed to re-export 1.5 million tonnes of oil stored in the caverns in the case of Indian companies …

India overhauls petroleum reserve policy to boost private interest: Report
3 years, 5 months ago

India overhauls petroleum reserve policy to boost private interest: Report

Live Mint  

India's approval to commercialisation of strategic petroleum reserves mirrors a model adopted by countries such as Japan and South Korea India has decided to commercialise half of its current strategic petroleum reserves as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday. {{^adFree}} {{/adFree}} Private entities taking storage …

India’s top refiner buys most crude since COVID-19 outbreak: Report
4 years, 1 month ago

India’s top refiner buys most crude since COVID-19 outbreak: Report

Live Mint  

Indian Oil Corp, the country's largest state refiner, has bought nearly 20 million barrels of spot crude from West Africa and the Middle East for delivery in early 2021, three trade sources said on Monday. IOC's chairman said this month that the refinery has been operating at 100% capacity since early November as local fuel demand has recovered. Low-sulphur crude …

Cabinet Approves Rs 3,874 Crore Spending on Stocking Oil
4 years, 3 months ago

Cabinet Approves Rs 3,874 Crore Spending on Stocking Oil

News 18  

New Delhi: The Union Cabinet on Wednesday gave approval to Rs 3,874 crore spending on stocking low priced oil in India's three strategic underground crude oil storages. The Cabinet Committee on Economic Affairs also allowed Abu Dhabi National Oil Co, which has hired a part of the strategic storage, to trade the stocked oil, union Minister Prakash Javadekar told reporters …

India Saved Rs 5,000 Crore by Filling Strategic Reserves with Low-priced Oil, Says Dharmendra Pradhan
4 years, 3 months ago

India Saved Rs 5,000 Crore by Filling Strategic Reserves with Low-priced Oil, Says Dharmendra Pradhan

News 18  

India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said on Monday. "Taking advantage of the low crude oil prices in the international market, India purchased 16.71 million barrels of crude in April-May, 2020 and filled all the …

IOC nears first deal to export fuel in second half of this year to Bangladesh Petroleum Corp
4 years, 7 months ago

IOC nears first deal to export fuel in second half of this year to Bangladesh Petroleum Corp

Firstpost  

India Oil Corp, the country’s top refiner, is close to winning its first contract to supply diesel, jet fuel and gasoline in the second half of this year to state-run Bangladesh Petroleum Corp, two sources with knowledge of the matter said New Delhi/Dhaka: Indian Oil Corp, the country’s top refiner, is close to winning its first contract to supply diesel, …

India devises a unique way to store cheap oil as storage tanks are now 100% full
4 years, 8 months ago

India devises a unique way to store cheap oil as storage tanks are now 100% full

Live Mint  

Indian refiners are taking advantage of cheap oil to bulk up its supplies even as every corner of the nation’s onshore storage tanks fills to the brim, according to Oil Minister Dharmendra Pradhan. The country’s 25 million tons of crude and fuel storage capacity at refineries, pipelines and inland depots are all full, partly due to lower demand, said Pradhan. …

India running out of space to store oil. Petrol pumps almost full
4 years, 8 months ago

India running out of space to store oil. Petrol pumps almost full

Live Mint  

India is quickly running out of space to store a swelling stockpile of fuel as every possible container - including those in the 66,000 pump stations nationwide - threatens to overflow. Refiners in India, the world’s third-biggest oil consumer, have filled 95% of about 85 million barrels of fuel storage capacity, according to officials at three state-owned processors. The world’s …

Govt plans to fill strategic petroleum reserve by third week of May; to help refineries reduce excess crude
4 years, 9 months ago

Govt plans to fill strategic petroleum reserve by third week of May; to help refineries reduce excess crude

Firstpost  

India plans to completely fill its strategic petroleum reserve by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on Tuesday New Delhi: India plans to completely fill its strategic petroleum reserve by the third week of May by moving about 19 million barrels into …

India to use low priced oil from Saudi Arabia, UAE and Iraq to fill strategic reserves
4 years, 9 months ago

India to use low priced oil from Saudi Arabia, UAE and Iraq to fill strategic reserves

Firstpost  

Capitalising on low global oil prices, India will fill its underground strategic oil reserves with oil from Saudi Arabia, the UAE and Iraq as it shores up supplies to meet any supply or price disruption New Delhi: Capitalising on low global oil prices, India will fill its underground strategic oil reserves with oil from Saudi Arabia, the UAE and Iraq …

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy
4 years, 10 months ago

India’s import of US oil jumps 10-fold to 2,50,000 bpd, says US Energy Secy

Hindustan Times  

US oil supplies to India have jumped ten-fold to 2,50,000 barrels per day in the last few years, visiting US Energy Secretary Dan Brouillette said on Tuesday. Speaking at a business meeting alongside US President Donald Trump, US Energy Secretary Dan Brouillette said Indian imports of US oil were 25,000 bpd a couple of year ago, and have now risen …

PM Modi may stopover in Riyadh to firm up oil deals
5 years, 3 months ago

PM Modi may stopover in Riyadh to firm up oil deals

India TV News  

Amid reports that Saudi Aramco is set to announce its IPO next month, which would be the world's largest-ever listing, India would be looking to expedite the $44 billion West Coast refinery project in Maharashtra, in which Saudi Aramco is to hold considerable stake, as well Reliance Industries Ltd $15 billion deal with the Saudi oil giant to sell 20 …

Saudi Arabia to regain India's top oil supplier spot after Reliance Industries-Aramco deal
5 years, 5 months ago

Saudi Arabia to regain India's top oil supplier spot after Reliance Industries-Aramco deal

Firstpost  

The O2C business includes Reliance’s refining and petrochemical divisions, and its 51% stake in its fuel marketing business. Saudi Arabian Oil Co buying a 20 percent stake in Reliance Industries Ltd’s oil-to-chemical business will help it regain the position of being the biggest supplier of oil to the world’s fastest-growing oil market. This will change with Aramco buying 20 percent …

IOC to invest Rs 2 lakh cr to expand refining, petrochem capacities to maintain leadership position
5 years, 5 months ago

IOC to invest Rs 2 lakh cr to expand refining, petrochem capacities to maintain leadership position

Firstpost  

New Delhi: The country’s biggest oil firm Indian Oil Corporation will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain a leadership position, its Chairman Sanjiv Singh said. The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, …

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%
5 years, 7 months ago

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%

Live Mint  

State-run Indian Oil Corp. Ltd will source an additional 250,000 tonnes of crude oil per month from the world’s biggest oil producer, Saudi Arabian Oil Co., as India tries to line up supply alternatives in the wake of US sanctions on Iran. In a first, the country’s largest refiner has also inked two term contracts totalling 4.6mt of US crude …

Saudi Aramco offers to increase oil supply to India
5 years, 8 months ago

Saudi Aramco offers to increase oil supply to India

Live Mint  

New Delhi: The world's largest oil company Aramco will provide additional crude oil to domestic oil refiners to meet shortages arising from the US decision to lift Iran sanction waivers from major oil importing countries, including India. Sources in state-run oil companies said that the Saudi Arabian oil giant has offered to increase crude oil supplies to India by 200,000 …

India will stop importing crude oil from Iran after US ends sanction waiver: Official
5 years, 8 months ago

India will stop importing crude oil from Iran after US ends sanction waiver: Official

Live Mint  

New Delhi: India will stop importing crude oil from Iran following the US move to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes, top officials and industry sources said Tuesday. It bought some 24 million tonnes of crude oil from Iran in the fiscal ended March 31. But …

‘India’s reserves built at $17 per barrel, global average is $23’
5 years, 11 months ago

‘India’s reserves built at $17 per barrel, global average is $23’

Firstpost  

India will soon have the capacity to store crude oil in underground caverns that it can dip into to meet 90 days of requirements in case of an emergency. “We currently have built capacity that can store about 9-9.5 days of crude oil requirements. After completing the second phase of strategic petroleum reserves, we will add another 12 days of …

UAE keen to invest in refining, petrochem projects, store oil in India
5 years, 11 months ago

UAE keen to invest in refining, petrochem projects, store oil in India

Deccan Chronicle  

Greater Noida: Betting big on rising oil demand in the world's third largest energy consumer, oil-rich UAE Monday said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India. UAE, he said, is looking to go beyond merely selling crude oil to India and wants to develop a strategic partnership. In …

Hindustan Petroleum to buy crude from Iran in January after 6-month gap, says report
6 years, 1 month ago

Hindustan Petroleum to buy crude from Iran in January after 6-month gap, says report

Firstpost  

The United States in early November granted India a six-month waiver from sanctions against Iran’s oil exports. New Delhi: State-run Indian oil refiner Hindustan Petroleum Corporation Ltd will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said. As part of …

Abu Dhabi National Oil Company hires India's strategic oil storage in Padur, Karnataka
6 years, 2 months ago

Abu Dhabi National Oil Company hires India's strategic oil storage in Padur, Karnataka

Firstpost  

India will have the right over 65 percent of 6 million barrels of crude oil that ADNOC will store at the country’s maiden strategic storage at Mangalore. #ADNOC signs MoU with the Indian Strategic Petroleum Reserves Ltd, to explore storage of of Crude Oil at Padur Underground Facility in Karnataka, which has a 2.5 million tonne capacity pic.twitter.com/Yq3urXdMah — ADNOC …

India invites bids for strategic oil reserve
6 years, 2 months ago

India invites bids for strategic oil reserve

Live Mint  

New Delhi: India will have oil reserves equivalent to at least 87 days of net imports, once the second phase of Indian Strategic Petroleum Reserves, which aims to add 12 days of crude storage, is operational. “Creating storage facilities is an important part of India’s energy security efforts,” said petroleum minister Dharmendra Pradhan at the launch of the road show …

Sentiment hurting prices, enough oil available in other parts of the world, says Govt as Iran sanctions loom
6 years, 3 months ago

Sentiment hurting prices, enough oil available in other parts of the world, says Govt as Iran sanctions loom

India TV News  

As US sanctions loom on Iran, India on Tuesday said availability of crude oil to replace lost volumes is not an issue but the "sentiment" around losing a big oil supplier is driving prices higher. Refusing to say if India has sought a waiver of sanctions from the US as to continue purchasing crude oil from Iran, Oil Minister Dharmendra …

Narendra Modi reviews oil and gas production profile of ONGC, OIL; Dharmendra Pradhan also present at meeting
6 years, 3 months ago

Narendra Modi reviews oil and gas production profile of ONGC, OIL; Dharmendra Pradhan also present at meeting

Firstpost  

Narendra Modi on Friday reviewed the oil and gas production profile of state-owned ONGC and OIL over the near to medium term to assess how his target to cut oil imports by 10 percent would be met. New Delhi: Prime Minister Narendra Modi on Friday reviewed the oil and gas production profile of state-owned ONGC and OIL over the near …

Donald Trump says US will 'take care' of countries that continue to buy oil from Iran after sanctions come into force
6 years, 3 months ago

Donald Trump says US will 'take care' of countries that continue to buy oil from Iran after sanctions come into force

Firstpost  

Donald Trump had pulled the US out of the 2015 nuclear accord, saying it had “failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb” Washington: The US “will take care” of countries which defy its directive to bring their oil imports from Iran to zero by 4 November, President Donald Trump has warned, days …

US crude oil exports to India soar in June ahead of Donald Trump administration's sanctions on Iran
6 years, 6 months ago

US crude oil exports to India soar in June ahead of Donald Trump administration's sanctions on Iran

Firstpost  

The US President Donald Trump’s administration has been pressuring its allies to cut imports of Iranian goods to zero by November Houston\New Delhi: US crude oil exports to India hit a record in June and so far this year are almost double last year’s total as the Asian nation’s refiners move to replace supplies from Iran and Venezuela in a …

Abu Dhabi oil giant signs pact to take stake in $44 bn Ratnagiri refinery project
6 years, 6 months ago

Abu Dhabi oil giant signs pact to take stake in $44 bn Ratnagiri refinery project

Firstpost  

ADNOC joins Saudi Aramco, the world’s largest oil producer, in the project which is planned to come on stream by 2025 New Delhi: Abu Dhabi National Oil Company on Monday signed an initial agreement to pick up a stake in the planned $44-billion refinery-cum-petrochemical project in Ratnagiri, Maharashtra. ADNOC joins Saudi Aramco, the world’s largest oil producer, in the project …

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