Page 2 - Indian Refineries

Indian refiners deepen cuts to Saudi oil purchases, to buy 36% less in May

Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked

Indian state refiners prepare to cut May Saudi oil imports: Report

Indian state refiners prepare to cut May Saudi oil imports

India asks refiners to cut reliance on Middle East oil after OPEC+ decision

India, the world's third-biggest oil importer and consumer, imports about 84% of its overall crude needs with over 60% of that coming from Middle Eastern countries

Iraq cuts crude oil supplies for most Indian refiners in 2021: Report

Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad's market share in the world's third largest oil importer and consumer

BPCL plans to merge Bharat Oman Refineries with self before sell-off

In March, BPCL had increased its stake in BORL by conversion of Rs 650-crore worth of warrants into shares, raising its stake to 63.38 per cent from 50 per cent

Indian refiners export diesel to China as Beijing recovers from Covid-19

China is seeing a demand recovery in infrastructure and manufacturing sectors. Countries, like South Korea and Japan, have also placed quotes for importing petroleum products from India amid lockdown

Opportunity in refinery stocks

However, energy prices can reverse direction sharply and suddenly

Pradhan to flag off UAE carrier with 2 million barrels of crude oil today

India opens up strategic oil reserves for foreign companies

Indian refiners surge as Hurricane Harvey hits US operations

The share price of Indian refining companies saw a spike on Wednesday on likely higher refining margins as globally US refining capacity takes a hit due to Hurricane Harvey.On the BSE, the Hindustan Petroleum Corporation (HPCL) stock gained 3.71 per cent to close at Rs 484.75, Bharat Petroleum Corporation (BPCL) gained 3.18 per cent to Rs 521 and Reliance Industries (RIL) gained 2.12 per cent and closed at Rs 1,564.15, while Indian Oil Corporation (IOC) gained the most at 3.97 per cent to close at Rs 451.85. "The stocks have gained on the expectation of better margins and rightly so, as the US cyclone situation has put out some of US's refining capacities and with low crude prices, this will be a positive impact for Indian refiners," said an analyst with a domestic brokerage firm who did not wish to be identified. GRM is the difference between crude oil price and the combined value of petroleum products produced by a refinery by processing a barrel of oil.With the onset of winters ...