Bharat Petroleum Corp News

29 Oct 2019

India, S. Arabia in New Petro Relationship

Indian Prime Minister, Narendra Modi meeting the King Salman bin Abdulaziz Al Saud of Saudi Arabia, in Riyadh, Saudi Arabia on October 29, 2019. Photo: PIB

India and Saudi Arabia have decided to expand its ‚Äėenergy relationship‚Äô into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.India imports around 18 per cent of its crude oil from the Kingdom‚Ķ

04 Dec 2018

IOC: 5-year Tender on Scrubber-fitted Tankers

Indian Oil Corp (IOC) issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.The tender says Indian shippers will be given first right of refusal for the contract as the nation seeks to boost its shipping industry. It is seeking bids from vessels that are less than 10-years old.A scrubber is a product that strips out sulphur emissions and, in doing so, can allow shippers to use dirtier fuel oil but still meet new global requirements for lower emissions.IOC and the country's second biggest state-owned refiner, Bharat Petroleum Corp (BPCL), last year also issued similar tenders seeking vessels for five years.The two refiners…

01 Oct 2018

How Refiners Plan to Grapple With Fuel Oil Output After 2020

© christian42 / Adobe Stock

High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year, ships will have to use marine fuel…

09 May 2018

Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions

© nicolagiordano / Adobe Stock

South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran's nuclear ambitions in exchange for removing joint U.S.-Europe sanctions…

17 Oct 2017

Newest Outpost for US Crude Exports: India

© sedi78 / Adobe Stock

India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both U.S.

10 Oct 2017

IOC to Lift U.S. Crude for December Delivery

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Indian Oil Corp, the country's largest refiner, has bought two new types of U.S. crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday. IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month. The United…

18 Sep 2017

Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit

Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy. Swan Energy is building a 5 million tonnes a year FSRU and floating storage unit (FSU) at Jafrabad in western Gujarat state, with Mitsui awarded a long-term contract for operation and maintenance services. "We have until end-2019, by when the project will be completed, to buy at least 26 percent in Triumph Offshore," Senior Managing Executive Officer Takeshi told Reuters on Monday, referring to the Swan subsidiary that will control the $260 million FSRU. Swan aims to commission the project in the first quarter of 2020, he added.

10 Jul 2017

BPCL to Buy First U.S. Crude via Tender

Indian refiner Bharat Petroleum Corp Ltd plans to buy its first ever cargo of crude oil from the United States, a tender document showed on Monday.   BPCL is seeking at least 1 million barrels of crude either for loading on Aug. 16-Sept.5 or delivery on Sept. 26-Oct. 15, it said.   Part 1 of the tender closes on July 11 and part 2 on July 14. Offers will remain valid until July 14.   Reporting by Florence Tan

20 Jan 2017

Tata to Invest in Swan LNG Project

Tata Realty and Infrastructure Ltd (TRIL) is taking 10 percent stake in a Rs. 5,900 crore ($867 mln) floating LNG import terminal being set up by Nikhil Merchant led Swan Energy in Gujarat. This will be the first investment by Tata Group in gas business. And this is the first investment decision since N Chandrasekaran named as the Tata Group chief. TRIL was established in 2007 to pursue opportunities in the real estate and infrastructure sectors. It is a wholly-owned subsidiary of Tata Sons, the holding company of the Tata Group. According to a stock exchange filing made by Swan Energy, an Expression of Interest (EOI) has been filed by TRIL ‚Äúshowing its willingness to invest up to 10 per cent of the equity‚ÄĚ.

22 Nov 2016

BPCL to Export Light Diesel Oil in Rare Move

India's Bharat Petroleum Corp Ltd will export a light diesel oil cargo from Kochi in a rare move, industry sources said on Tuesday.   The state-owned refiner sold 35,000 tonnes of the cargo, which has a sulphur content of 1.5 percent, to Vitol and is expected to load the cargo this week, the sources added.   The export will be temporary and will halt once a secondary unit at the refinery is started, one of the sources said. (Reporting by Jessica Jaganathan; Editing by Himani Sarkar)

12 Oct 2016

VLCC Brings India's First Iranian Oil Parcel for Emergency Reserves

India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino. India will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder. A second parcel to be procured by Bharat Petroleum Corp. is scheduled to arrive around Oct. 25, two sources with direct knowledge of the matter said. India, which is seeking to hedge against energy security risks as it imports about 80 percent of its oil needs…

19 Aug 2016

Swan Sells 60% of FLNG Terminal Capacity

Pic: Swan Energy Ltd

Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC)  and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast. ONGC, IOC and BPCL have agreed to take one million tonnes per annum capacity each on the 5 million tonnes a year floating LNG terminal planned at Jafrabad port in Gujarat, sources privy to the negotiations said.

06 Jul 2016

India's SCI to Sail to Iran

Photo: Shipping Corporation of India (SCI)

India's biggest shipping company Shipping Corporation of India (SCI) will resume sailing to Iran this month after a hiatus of about four years, reports Reuters. The company says it will accordingly use one of its Suezmax-sized tankers to ship an oil cargo for state-refiner Hindustan Petroleum Corp Ltd (HPCL) from Iran. "It is not yet decided ... which SCI-owned vessel is going to Iran," said SCI Chairman B.B. Sinha. SCI stopped sailing to Iran in 2012 when sanctions targeting Iran's nuclear programme prevented the company obtaining insurance cover for oil and other shipments.

10 Mar 2016

Indian Firms Plan to Sign Oil Deals with Rosneft

India plans to sign energy deals with Russian oil major Rosneft next week to buy stakes in Siberian fields, two sources privy to the deal said, as New Delhi accelerates a push to secure overseas energy assets. India, the world's third biggest oil importer, has to ship in three quarters of its oil needs and a substantial fall in oil prices has added an extra incentive to seal purchases of assets that are now relatively cheap to limit its reliance on imports. Rosneft's Chief Executive Igor Sechin will visit Delhi on March 15-16 to stitch together the deals, the sources said. Rosneft, the world's biggest listed oil company by output, also…

24 Aug 2015

GAIL to Finalize LNG Deal with Iran

Photo by  Iran Liquefed Natural Gas co

India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI. The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of the prospects for the removal of sanctions against Iran. "Dialogue has been initiated with Iranian counterparts to revive the LNG supply long-term SPA," the Business Standard has quoted GAIL as announcing in its latest annual report.

08 Jul 2014

Maersk Taking $1.7b Charge on Brazil Assets

Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will write off $1.7 billion of investments in the country. The write-off affects two exploration areas, Itaipu and Wahoo, which failed to deliver on oil volume expectations, and the Polvo field, both northeast of Rio de Janeiro in the Campos Basin, Maersk said. Maersk bought the assets from South Korea's SK Energy Co Ltd for $2.4 billion in 2011. On Tuesday, Brazil's HRT Participacoes em Petroleo SA said it bought Maersk's 40 percent Polvo stake for an undisclosed sum.

01 Feb 2006

Iran, India SPA No Longer Valid

Last October, Tehran linked its energy dialogue to India’s nuclear diplomacy asking New Delhi to support Iran in the next meeting of the IAEA board of governors in November. That November meeting saw no vote and now Iran is back to flexing its energy muscle ahead of the crucial IAEA meeting this week, the Indian Express reported. After having signed a Sale Purchase Agreement (SPA) last June to export 5 million tons per annum of LNG to India at a price linked to $31-per barrel crude, the National Iranian Gas Export Company (NIGEC) told India that the price agreed to in that pact is no longer valid. This despite the fact that Tehran never raised the issue of a price hike even when international crude had touched $68 a barrel last August.

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