MRPL

** Shares of Mangalore Refinery and Petrochemicals MRPL.NS up 12.6% at 177.29 rupees, highest since April 28

** Co posts Q1 consol net profit of 9.46 billion rupees vs loss a year ago; rev from ops nearly doubles to 416.09 billion rupees

** Profit was supported by an exceptional gain of 4.71 billion rupees pertaining to revision in petroleum product prices

** More than 78.7 million shares change hands vs 30-day avg of 8.5 million shares

** YTD, stock up 16.5%

(Reporting by Mridula Kumar in Bengaluru)

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By Krishna N. Das and Nidhi Verma

NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.

India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.

At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.

Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.

Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.

Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.

Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.

SHIP-TO-SHIP TRANSFERS

One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.

Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.

Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.

Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.

Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".

"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.

"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."

(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)

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Adds India's oil demand in paragraph 8

By Nidhi Verma

NEW DELHI, July 10 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (about 13 million barrels), strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late on Thursday.

India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz during the Iran war. About a fifth of the world's energy supplies pass through the waterway.

India is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.

ONGC, India's top oil exploration company, would seek the federal government's permission for commercial use of the storage to be built in the "national interest", it said in the filing.

New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude.

These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.

ONGC has not specified the cost and time for completion of the new SPR facility at Mangalore.

India's current strategic stockpiles are a fraction of its 5.2 million barrels per day refining capacity.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 bpd refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the United Arab Emirates.

During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.

ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.

India also plans to build about 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.

(Reporting by Nidhi Verma; Editing by Rashmi Aich and Susan Fenton)

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By Nidhi Verma

NEW DELHI, July 8 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS has cancelled a vessel charter it had booked for loading crude oil from Iraq, two shipping sources with knowledge of the matter said.

One of the people said MRPL has cited "technical reasons" for not going ahead with the chartering of the Aframax tanker Jasmin Joy.

It was not clear whether the chartering failed due to heightened tension in the Strait of Hormuz, the sources said, after attacks on some ships in the key waterway prompted maritime authorities to raise the threat risk for transiting vessels to "severe".

MRPL is scouting for a replacement vessel, they said.

MRPL did not respond to a Reuters email seeking comments.

(Reporting by Nidhi Verma; Editing by Sonali Paul)

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By Nidhi Verma and Florence Tan

NEW DELHI/SINGAPORE, July 7 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS has chartered a vessel to load crude oil from Iraq, the first Indian state-owned refiner to do so since the partial reopening of the Strait of Hormuz, three shipping sources said.

MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's Basrah oil terminal on July 19-20, the sources said.

Indian state refiners have been struggling to secure ships to load crude from ports on the west of the Strait of Hormuz, a strategic waterway through which roughly a fifth of the world's oil and gas supplies transited before the Israel-Iran conflict disrupted shipping in the region.

MRPL, which operates a 300,000 barrel-per-day refinery in the southern Indian state of Karnataka, did not immediately respond to a Reuters email seeking comment.

(Reporting by Nidhi Verma and Florence Tan; Editing by Sherry Jacob-Phillips)

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May 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• MANGALORE REFINERY AND PETROCHEMICALS - PNGRB GRANTS AUTHORIZATION FOR PETROLEUM PIPELINE AT KEMPEGOWDA AIRPORT BENGALURU

Source text: ID:nBSE3nj5HQ

Further company coverage: MRPL.NS

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May 14 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• MANGALORE REFINERY AND PETROCHEMICALS - CESTAT ALLOWED APPEAL WITH RELIEF FROM CUSTOMS DUTY DEMAND

• MANGALORE REFINERY AND PETROCHEMICALS LTD - ELIGIBLE FOR REFUND OF 2.13 BILLION RUPEES CUSTOMS DUTY

Source text: ID:nBSE3X7Wgp

Further company coverage: MRPL.NS

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** Oil refiner Mangalore Refinery and Petrochemicals' MRPL.NS shares fall as much as 7.56% to 172.29 rupees apiece, their steepest intraday decline in six weeks

** Drop after MRPL posts 68.5% year-on-year drop in consolidated net profit in March quarter to 1.17 billion rupees

** PL Capital downgrades MRPL to "sell" from "accumulate" and lowers price target to 143 rupees from 192 rupees earlier, after the results

** Says downgrade reflects increase in MRPL's debt, while weak Q4 performance is driven by higher employee costs and forex loss of 6.1 billion rupees

** MRPL shares are up 14% in 2026, according to exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees

** India raises export duties on diesel, aviation turbine fuel

** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively

** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel

** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted

** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG

** YTD, RELI stock down 16.4%

(Reporting by Brijesh Patel in Bengaluru)

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April 9 (Reuters) - Indian fuel retailers are buying diesel from refiners at discounted rates to shield customers from any price hike, an industry source said on Thursday.

The new pricing formula is based on India's crude import price, the source told reporters.

(Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)

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March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES

Source text: ID:nNSE1sLg6N

Further company coverage: MRPL.NS

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By Mohi Narayan and Ahmad Ghaddar

NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.

The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.

The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.

At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.

Vitol and TotalEnergies declined to comment.

Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.

Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.

Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.

"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.

Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.

Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN

REGIONAL SUPPLY FALLS

Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.

China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.

Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.

India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.

(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)

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Adds Sinochem

By Ruth Chai

March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.

Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.

It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.

Here are some of the latest developments:

CHINA

* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.

The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.

* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.

Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.

* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.

Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.

* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.

CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.

* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.

* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.

* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.

JAPAN

Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.

Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.

* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.

* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.

* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.

MALAYSIA

Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.

More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.

SINGAPORE

* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.

SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.

* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.

The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.

* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.

* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.

Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.

TAIWAN

Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.

The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.

BAHRAIN

Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.

THAILAND

Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.

INDIA

India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.

SOUTH KOREA

South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.

INDONESIA

Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.

VIETNAM

Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.

(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)

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Recasts with comments from oil ministry

By Nidhi Verma

March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.

"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.

India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.

India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.

India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.

The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.

He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.

"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.

Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.

All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.

India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.

So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.

However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.

India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.

Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.

The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.

India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)

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Updates March 5 article to add Aster under SINGAPORE

By Ruth Chai

March 6 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.

Here are some of the latest developments:

CHINA

Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.

Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.

Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.

China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.

INDIA

India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.

SOUTH KOREA

South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.

SINGAPORE

Singapore petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.

Meanwhile, Singapore refiner and petrochemical major Aster Chemicals and Energy has declared force majeure regarding supplies, a company spokesperson said on Friday.

Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on Friday, having restarted at the end of February, sources said.

INDONESIA

Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.

VIETNAM

Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.

(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)

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SINGAPORE, March 5 (Reuters) - Asia's diesel markets were barren of physical window deals for a fourth session this week, though the backwardation structure remained firm on Thursday and cash differentials hit a record.

The lack of April refiner spot sales continued, in line with earlier expectations, as refiners still mulled their near-term run rates.

Some refiners continued wanting to buy back their March loading cargoes, traders said, though further details could not be confirmed.

Refining margins GO10SGCKMc1 eased slightly to around $43 a barrel on some profit-taking activities and slowing ICE gasoil gains, after surging the past three sessions.

The 10ppm sulphur gasoil cash differentials GO10-SIN-DIF closed the trading session at $20.5 a barrel, a fresh high.

The surge in jet fuel markets from the previous trading session slowed, with regrade JETREG10SGMc1 easing back to around $30 a barrel, half of yesterday's level.

SINGAPORE CASH DEALS O/AS

- No deal for gasoil or jet fuel.

INVENTORIES

- Singapore's middle distillates stocks bounced back from the previous week as exports of jet fuel declined despite a rise in diesel exports, government data showed on Thursday. O/SING1

- U.S. crude stocks rose to their highest level since May 2025 last week, the Energy Information Administration said on Wednesday, as exports and imports declined. EIA/S

REFINERY NEWS REF/OUT

- India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to an oil shortage, three sources with knowledge of the matter said on Thursday.

NEWS

- Asian refining margins have surged to their highest since 2022 as Iranian threats to shipping through the Strait of Hormuz have disrupted crude oil flows and forced refineries to cut runs, according to data and analysts.

- Nigeria's Dangote oil refinery has issued tenders to sell gasoil and jet fuel in March, a trade source said, citing a tender document summary.

- Exxon Mobil is set to ship at least 300,000 barrels of gasoline from the U.S. Gulf Coast to cover its own import requirements in Australia, the first such shipments by the oil major, said four sources with knowledge of the matter.

- China has asked companies to suspend signing new contracts to export refined fuel and try to cancel shipments already committed, as a widening Middle East conflict curbed refinery output, several industry and trade sources with knowledge of the matter said on Thursday.

- Oil prices rose on Thursday, extending a rally as the escalating U.S.-Israeli war against Iran continued to disrupt supplies, prompting some major producers to cut production and others to take measures to ensure supply security. O/R

PRICES

(Reporting by Trixie Yap; Editing by Jonathan Ananda)

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Recasts, add more details on crude inventory

By Mohi Narayan and Nidhi Verma

NEW DELHI, March 4 (Reuters) - India's Mangalore Refinery and Petrochemicals MRPL.NS has suspended fuel exports due to the Middle East conflict that has disrupted crude oil flows from the Gulf, two sources familiar with the matter said on Wednesday.

The company has declared force majeure on all upcoming gasoline export cargoes for March and April, two separate trade sources said.

MRPL had awarded two to three cargoes of gasoline via tenders for early March loading and is in discussions with buyers on settling those supplies, one of the traders said.

MRPL has agreements with some traders to receive crude cargoes and it also sells them refined fuel, the trader added.

The state-run refiner, which runs a 300,000-barrel-per-day refinery in the southern state of Karnataka, exports about 40% of its refined fuel output.

Gasoline, gasoil and jet fuel cargoes have been temporarily suspended as the refiner is struggling to get crude oil cargoes, one of the two sources familiar with the matter said, adding the refiner has crude inventories for about two weeks.

MRPL did not immediately respond to a Reuters email request for comment.

Shipping through the Strait of Hormuz between Iran and Oman, a conduit for about a fifth of oil consumed globally, has virtually stopped after Iranian attacks on vessels in the wake of U.S. and Israeli strikes that interrupted energy trade flows.

Indian refiners fill about 40% of their crude needs through purchases from the Middle East, in addition to sourcing from spot markets and processing domestic oil.

India is scouting for alternative sources for importing crude, liquefied petroleum gas and liquefied natural gas, a government source said on Tuesday.

India's crude inventories are sufficient to meet demand for about 25 days. Refiners also hold a 25-day inventory of gasoil, gasoline and liquefied petroleum gas, the government source added.

(Reporting by Mohi Narayan and Nidhi Verma; Editing by Tom Hogue, Christian Schmollinger, Clarence Fernandez and Jane Merriman)

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** Shares of oil explorers Oil and Natural Gas Corp Ltd ONGC.NS and Oil India OILI.NS fall as much as 2.6% and 5.3%, respectively, tracking fall in oil prices O/R

** Downstream firms like Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS, which benefit from lower oil prices, are up 0.4% and 2.2%, respectively.

** Nifty Energy .NIFTYENR index is up 0.2% vs Nifty 50 .NSEI up 0.3%

** Trump said over the weekend Iran was "seriously talking" with Washington, signalling de-escalation with an OPEC member after risks of a military strike drove prices to multi-month highs

(Reporting by Nandan Mandayam in Bengaluru)

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SOUTH GOA, India, Jan 27 (Reuters) - Indian oil refiners are only being offered small volumes of Venezuelan crude as most supply is heading to the United States, four refining executives said on Tuesday, slowing the return of the South American supply to the world's third-largest importer.

Trading houses Trafigura and Vitol began marketing Venezuelan oil this month after an agreement between Caracas and Washington for the U.S. to control 50 million barrels following its capture of Venezuela's Nicolas Maduro on January 3, with proceeds going to a U.S.-supervised fund.

Since then, Indian refiners - Reliance Industries Ltd RELI.NS, Indian Oil Corp IOC.NS Hindustan Petroleum Corp HPCL.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS have been looking to buy Venezuelan crude.

"Offers are not there. Traders are looking to meet their commitment to the U.S. market," one executive said, referring to Vitol and Trafigura. The executives declined to be named as they are not authorised to speak to media. Vitol and Trafigura did not immediately respond to requests for comment.

Indian refiners have also previously said that discounts on Venezuelan crude are not wide enough to make it attractive for them to purchase.

The trading firms have sold Venezuelan crude to U.S. and European refiners including Valero VLO.N, Phillips 66 PSX.N, Repsol REP.MC and Vitol's Saras refinery in Italy.

A Bharat Petroleum Corp BPCL.NS executive said it plans to tie up with another firm to buy Venezuelan oil as the quantity it needs is small at about 200,000 barrels.

(Reporting by Nidhi Verma; Writing by Florence Tan; Editing by Alexander Smith)

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Repeats to more clients without change to the original text

By Nidhi Verma and Siyi Liu

NEW DELHI/SINGAPORE, Jan 21 (Reuters) - Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.

India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, but the trade drew backlash from Western nations targeting Russia's energy sector with sanctions, saying oil revenues help it fund the war.

The shift away from Russia comes as Middle East producers, armed with higher output quotas from the Organization of the Petroleum Exporting Countries, are keeping global markets well-supplied, softening the impact on prices.

INDIA REFINERS SCALE BACK RUSSIAN BUYS

Indian refiners have begun scaling back Russian oil purchases following discussions at a government meeting to help accelerate a U.S.-India trade deal, three refining sources said.

The oil ministry's Petroleum Planning and Analysis Cell is collecting weekly data on refiners' purchases of Russia and U.S. crude, sources told Reuters this month.

In the latest change, state refiner Bharat Petroleum Corp BPCL.NS awarded one-year tenders to buy Iraqi Basrah and Omani crude to trader Trafigura and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, said the sources, who sought anonymity.

From April, Trafigura will supply four cargoes of Oman crude every quarter at 75 cents a barrel below Dubai quotes and one parcel of Basrah Medium at a discount of 40 cents a barrel to the grade's official selling price, said two traders.

BPCL and India's oil ministry did not respond to Reuters requests for comments.

DOUBLING OF IMPORT TARIFFS A PUNISHMENT FOR RUSSIA BUYS

The United States, already seeking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year to punish it for heavy purchases of Russian oil.

State-run Hindustan Petroleum HPCL.NS, Mangalore Refinery and Petrochemicals MRPL.NS and private refiners HPCL-Mittal Energy Ltd have already stopped buying Russian oil.

India's Russian oil imports fell to their lowest in two years in December, while OPEC's share of imports hit an 11-month high, trade data showed.

Apart from the Middle East, Indian refiners have also increased purchases from regions such as Africa and South America.CRU/TENDA

Indian refiners have also boosted purchases of U.S. oil to partly replace Russian oil and narrow the trade deficit with Washington, while also scouting for Venezuelan oil.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu, Florence Tan in Singapore; Editing by Tom Hogue, Thomas Derpinghaus and Clarence Fernandez)

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Jan 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• INDIA MRPL EXEC SAYS: MRPL TO SUPPLY 1% BLENDED JET FUEL FROM 2027

• MRPL EXEC: NOT IMPORTING RUSSIAN OIL

• MRPL EXEC: CO IN STRICT COMPLIANCE OF WESTERN SANCTIONS

• MRPL EXEC: LOSS OF RUSSIAN OIL NOT SIGNIFICANTLY IMPACTING REFINING MARGINS

• MRPL EXEC: PLANS TO OWN 500 RETAIL OUTLETS IN 3 YRS, 1000 IN 5 YRS

• MRPL EXEC: BUYS 40% OF ITS OIL NEEDS FROM MIDDLE EAST LED BY SAUDI ARAMCO

• MRPL EXEC: ACTIVELY LOOKING AT BUYING VENEZUELAN OIL

Source text: [ID:]

Further company coverage: MRPL.NS

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** Shares of Mangalore Refinery and Petrochemicals Ltd MRPL.NS surge nearly 8.8% to 158 rupees

** State-owned oil refiner and fuel retailer posts about 5x jump in Q3 profit, helped by higher sales

** Q3 revenue up 16%

** MRPL was up 5% before reporting results

** Stock climbed 2.4% in 2025, marking a fifth consecutive year of gains

(Reporting by Nandan Mandayam in Bengaluru)

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SINGAPORE/NEW DELHI, Nov 24 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd has bought 2 million barrels of Abu Dhabi Murban crude for January loading via a tender as it continues to shun Russian oil, trade sources said on Monday.

The refiner bought the cargo from BP via a tender, they added, although the price was not immediately available.

Companies typically do not comment on their commercial deals.

The purchase comes after MRPL bought 1 million barrels of Basra Medium crude for January 1-7 delivery earlier this month.

Indian refiners are scouting for alternatives after U.S. President Donald Trump imposed sanctions on Rosneft ROSN.MM and Lukoil LKOH.MM, Russia’s two largest oil companies, in an attempt to pressure President Vladimir Putin to end the war in Ukraine.

(Reporting by Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Muralikumar Anantharaman)

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Adds background

SINGAPORE/NEW DELHI, Nov 10 (Reuters) - Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.

Hindustan Petroleum Corp HPCL.NS has bought 2 million barrels each of U.S. West Texas Intermediate crude and Abu Dhabi's Murban crude for January arrival, they said.

Mangalore Refinery and Petrochemicals Ltd MRPL.NS has bought one million barrels of Basra Medium crude for January 1-7 delivery, they said.

The identity of the sellers and pricing details were not immediately known.

Indian refiners are scouting for alternatives after U.S. President Donald Trump imposed sanctions on Rosneft ROSN.MM and Lukoil LKOH.MM, Russia’s two largest oil companies, in an attempt to pressure President Vladimir Putin to end the war in Ukraine.

MRPL has paused purchase of Russian oil due to the risks involved, a company source said last month.

HPCL, which has cut its intake of Russian oil in the last few months, has also paused imports from Russia.

(Reporting by Siyi Liu and Florence Tan in Singapore, Nidhi Verma in New Delhi; Editing by Tom Hogue and Eileen Soreng)

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NEW DELHI/MOSCOW, Nov 6 (Reuters) - Russian oil is trading at its steepest discounts to Brent in a year in Asia, as major Indian and Chinese refiners reduce purchases following fresh U.S. sanctions on leading Russian producers, industry sources said.

The price gap for Russia's flagship Urals crude widened by $2 to about $4 per barrel below Brent for December arrival, the widest discount seen in about a year, according to four trading and refining sources involved in Russian oil supplies.

The discounts, though less severe than those seen after the initial wave of Western sanctions in 2022, when they stood at around $8 per barrel, reflect mounting pressure on Russian oil revenues — a critical lifeline for Moscow's budget.

The United States recently imposed tough restrictions on Russian oil giants Lukoil and Rosneft, setting a November 21 deadline for companies to conclude all transactions with these entities.

In response, key Indian refiners including Hindustan Petroleum Corp, Bharat Petroleum Corp, Mangalore Refinery and Petrochemicals, HPCL-Mittal Energy, and Reliance Industries have paused orders for Russian oil intended for December arrival. Together, these five companies account for about 65% of India's Russian oil imports.

Representatives of Indian refiners, as well as Rosneft and Lukoil, did not respond to Reuters' requests for comment.

ASIAN MARKET FOR RUSSIAN OIL DIVIDED

Chinese state oil majors have also suspended purchases of seaborne Russian oil following the U.S. sanctions on Rosneft and Lukoil, multiple trade sources said on Thursday, pushing ESPO Blend oil trade to discounts in Chinese ports. The move by both Indian and Chinese refiners, Russia's two largest buyers, threatens to leave more Russian oil unsold.

Sources say the Asian market for Russian oil is now divided, with barrels from non-sanctioned entities fetching a premium, while cargoes linked to sanctioned suppliers or ships are sold at steep discounts. Overall demand for Russian oil in India has declined sharply, and total December imports are expected to drop significantly.

The downturn in Russian oil sales comes ahead of a planned visit by President Vladimir Putin to India and ongoing pressure from Washington for both India and China to curb Russian imports. Analysts warn that deepening discounts could further strain Moscow's finances.

(Reporting by Nidhi Verma in New Delhi and Reuters reporters in Moscow; editing by Alexandra Hudson)

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Adds analyst comment in paragraph 10 on India's oil import bill, updates Brent crude futures gains in paragraph 23

By Nidhi Verma

NEW DELHI, Oct 23 (Reuters) - Indian refiners are poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on two top Russian producers, industry sources said on Thursday, potentially removing a major hurdle to a trade deal with the United States.

The change comes as India faces punishing 50% tariffs on its exports to the U.S. - with half of those duties in retaliation for Russian oil purchases - and negotiates a potential trade deal that could bring those tariffs in line with Asian peers in exchange for winding down crude imports from Moscow.

India has emerged as the biggest buyer of discounted seaborne Russian crude in the aftermath of Moscow's 2022 full-scale invasion of Ukraine, importing about 1.7 million barrels per day in the first nine months of this year.

The U.S. sanctions target Lukoil LKOH.MM and Rosneft ROSN.MM, Russia's two biggest oil producers.

Privately-owned Reliance Industries RELI.NS, the top Indian buyer of Russian crude, plans to reduce or cease imports of Russian oil, including halting purchases under its large long-term deal with Rosneft, people familiar with the matter said.

"Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines," a Reliance spokesman said in response to a query on whether the company plans to cut its crude imports from Russia.

Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp HPCL.NS are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said on Thursday.

India's oil ministry and the state refiners did not immediately respond to requests for comment.

"There will be a massive cut. We don't anticipate it will go to zero immediately as there will be some barrels coming into the market" via intermediaries, a refinery source said, declining to be named as they were not authorised to speak with media.

Rosneft and Lukoil together supplied about 60% of the Russian oil purchased by India, said Prashant Vashisth, vice president at Moody's affiliate ICRA Ltd.

"While India can substitute the purchases from Russia with suppliers from the Middle East and other regions, the import bill for crude oil would increase. On an annual basis, the replacement by market priced crude would lead to an increase in the import bill by less than 2%," he said.

'IT ALL DEPENDS ON BANKS'

Wednesday's sanctions, the first of President Donald Trump's second term targeting Russia over its actions in Ukraine, come as his frustration grows with Russian President Vladimir Putin.

"If the Trump administration does indeed back today’s words by action, we anticipate that refiners seeking to retain access to U.S. capital markets will forego Russian barrels," RBC Capital analyst Helima Croft wrote in a note.

The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

"It all depends on banks," another Indian refinery official said. "If banks clear payments then we will buy. Otherwise my intake will be zero."

BIG BUYER

Reliance, which is controlled by billionaire Mukesh Ambani and operates the world's biggest refining complex at Jamnagar in western Gujarat state, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian oil major Rosneft. The refiner also buys Russian oil from intermediaries.

In recent days, Reliance has purchased spot crude cargoes from the Middle East and Brazil, which could be used to partly replace Russian supplies, traders said. It was seen in the market on Thursday scouting for supplies, said a Middle Eastern trader approached by Reliance.

One of the sources said that before the U.S. move, Reliance was considering stopping Russian oil imports for the one of its two refineries that is export-focused due to a ban by the European Union on refined products produced from Russian oil that takes effect in January.

Indian refiner Nayara Energy, whose biggest shareholder is Rosneft, also buys oil from the Russian state company. Nayara did not immediately respond to a request for comment.

Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil as their purchases are typically made through intermediaries, trade sources said.

Brent crude futures LCOc1 extended gains, rising by 4.92% at 1452 GMT on Thursday.

(Reporting by Nidhi Verma; Writing by Florence Tan and Tony Munroe; Editing by Himani Sarkar, Tom Hogue and Kate Mayberry)

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Oct 16 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:

• HAVE ALREADY STARTED LOOKING AT ALTERNATIVE OIL SOLD AT DISCOUNT

• HOPEFUL WILL CONTINUE TO BUY RUSSIAN OIL IN NEAR FUTURE

• PROCESSED 35-40% RUSSIAN OIL IN SEPT QUARTER

• NOT BUYING US OIL DUE TO PRICING, MAY BUY IN FUTURE

Source text: [ID:]

Further company coverage: MRPL.NS

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By Mohi Narayan and Nidhi Verma

NEW DELHI, Sept 24 (Reuters) - Indian oil refiners are increasing gasoline and diesel exports to their highest levels in several years, driven by expanded crude processing capacity and increased domestic ethanol blending that has freed up fuel supplies for overseas markets, traders and analysts said.

Refiners in India, which sources about a third of its crude from Russia, are boosting runs and redirecting surplus barrels abroad.

The rise in exports is expected to help meet Europe’s winter heating oil demand and support Indian refining margins, after refiners turned to discounted Russian crude when Europe and the U.S. imposed sanctions on Moscow for its invasion of Ukraine in February 2022.

Washington D.C. has accused India of profiteering by importing Russian oil at lower prices and reselling refined fuel at higher rates; India has said its purchases have stabilised markets.

This year, India's crude processing is expected to increase by 130,000 to 160,000 barrels per day to about 5.51 million bpd, with gasoline exports hitting a record high of around 400,000 bpd, according to consultancy Wood Mackenzie.

An Indian refining source, who declined to be named due to company policy, said exports are rising because of weaker domestic demand during the monsoon season and fewer scheduled maintenance outages.

Data provider Kpler pegs India’s 2025 gasoline exports at 387,000 bpd, mainly to Asia.

"The growth in gasoline exports is supported by a rising share of ethanol blending in domestic gasoline consumption," Woodmac analyst Priti Mehta said.

The world's second-biggest crude importer and consumer increased ethanol blending in gasoline to 20% this year, up from 12% in 2023.

Refiners, led by Reliance Industries RELI.NS and Mangalore Refinery and Petrochemicals Ltd MRPL.NS, are boosting exports to capitalise on strong Asian gasoline margins GL92-SIN-CRK, which have risen 51% since the start of the year to about $11 to $12 a barrel.

The companies did not immediately respond to Reuters' requests for comment.

EUROPE'S DIESEL BUYING SPREE

India’s gasoil exports are also expected to hit a four-year high this year, with most volumes heading to Europe to meet winter heating demand, analysts said, as global supply may tighten during the fourth quarter because of heavy refinery maintenance in Europe and the Middle East.

Wood Mackenzie expects India's 2025 gasoil exports to reach 610,000-630,000 bpd while Kpler's forecast is at 560,000 bpd.

The rise in India's exports comes as shipments from Saudi Arabia are set to fall by 300,000 bpd to around 400,000 bpd in October–November with several Aramco 2222.SE refineries scheduled for maintenance, according to consultancy Energy Aspects.

In a sign of the shift, Reliance Industries in late August shipped about 2 million barrels of diesel to Europe on the Very Large Crude Carrier Atokos, an uncommon move aimed at accommodating bigger volumes, ship‑tracking data showed and two Singapore‑based fuel traders said. Diesel cargoes are typically moved on smaller product tankers.

The European Union said in its 18th package of sanctions against Russia in July that it will stop importing petroleum products made from Russian crude after a transitional period of six months. The exemption will continue to apply to imports from Norway, Britain, the U.S., Canada and Switzerland.

(Reporting by Mohi Narayan and Nidhi Verma; Editing by Florence Tan and Tasim Zahid x)

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Aug 29 (Reuters) - INDIA ONGC ONGC.NS EXEC:

• TO BUY STAKE IN OVERSEAS OIL, GAS PROJECTS IF AVAILABLE AT REASONABLE PRICES

• ONGC GROUP REFINERIES WILL CONTINUE TO BUY RUSSIAN OIL AS LONG AS PRICES ARE ECONOMICAL

• THERE'S IS NO GOVERNMENT ADVISORY ON RUSSIAN OIL PURCHASES

• PRODUCING 30,000 BPD OIL, 3MMSCMD GAS FROM EAST COAST 98/2 BLOCK

Source text: [ID:]

Further company coverage: ONGC.NS

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By Nidhi Verma

NEW DELHI, Aug 27 (Reuters) - India, the world's third-biggest oil importer and consumer and the largest buyer of Russian seaborne crude, is caught in the crossfire of diplomatic negotiations between Russia and the United States to end the war in Ukraine.

WHY HAS TRUMP IMPOSED ADDITIONAL TARIFFS ON INDIAN GOODS?

An additional 25% duty by President Donald Trump takes total tariffs on Indian goods to as much as 50% from Wednesday, among Washington's highest, in retaliation for New Delhi's increased buying of Russian oil.

White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop.

This month, Treasury Secretary Scott Bessent said India was profiteering from its sharply increased imports, making up 42% of total oil purchases, versus less than 1% before the war, a shift Washington has called unacceptable.

Trump's strategy is in a sharp contrast to the former Biden administration, which had welcomed India's Russian oil purchases in order to help keep global oil prices LCOc1, which hit a peak of $139 a barrel in 2022, in check.

WHY INDIA IS BUYING RUSSIAN OIL?

India and China have become the biggest Russian oil buyers since the Ukraine war broke out in 2022 and Western nations shunned energy imports from Moscow and imposed price caps on Russian oil trade. However, there is no blanket prohibition on the purchase of Russian oil if the deals meet parameters of the Western sanctions.

The Indian government aims to reduce its massive crude oil import bill and provide energy at affordable rates to its 1.4 billion citizens. Additionally, the import of discounted Russian oil has allowed India to diversify from more expensive Middle Eastern grades.

India has said its national interests will guide its energy import policies. The country imports over 85% of its total oil requirements for its refining capacity of 5.2 million barrels per day.

WILL INDIA CONTINUE TO BUY RUSSIAN OIL?

For now, India is unlikely to stop importing Russian oil due to energy security, people familiar with the matter said.

However, India's imports of Russian oil are expected to fall in September from August, after state refiners paused their purchases due to smaller discounts, according to LSEG trade flow data.

India's Russian oil imports are expected to remain subdued as state-refiners are not keen to buy at reduced discounts and are instead scouting for only distressed cargoes, said Indian refining sources.

Discounts for Russian Urals crude delivered to India have narrowed to about $2.50 per barrel to dated Brent, trade sources said, versus discounts of $20–$25 per barrel when the war began in February 2022.

India officials said it is difficult to replace Russian oil supplies as the cost of replacement barrels will rise significantly.

HOW MUCH OIL DOES INDIA BUY FROM RUSSIA?

India imported 1.73 million bpd of crude from Russia between January and July, accounting for more than a third of India’s total imports, trade data showed.

Previously, Russian oil made up only a small fraction of India’s overall imports due to logistical constraints, including costly and longer shipping routes.

India reduced its crude intake from Middle Eastern and African nations after increasing Russian imports.

WHO ARE THE TOP BUYERS OF RUSSIAN OIL IN INDIA?

Indian private refiners Reliance Industries RELI.NS and Nayara Energy are the top buyers of Russian oil. Reliance operates the world’s largest refining complex, while Nayara is majority owned by Russian entities, including Rosneft.

Reliance has a term contract with Rosneft ROSN.MM, India’s largest oil import deal with Russia. Together, the two companies account for about 60% of India’s total Russian oil imports.

In contrast, state-run refiners purchase Russian oil from the spot market on a delivered basis.

ALTERNATIVES TO RUSSIAN OIL

Indian companies have raised crude imports from the U.S. and the Middle East in recent months to replace Russian supply.

(Reporting by Nidhi Verma; Editing by Florence Tan and Lincoln Feast.)

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