IOCL agrees for oil supply contracts with Petrobras, Ecopetrol

State-owned Indian Oil Corp. Ltd. has inked long-term oil supply contracts with Brazil’s Petroleo Brasileiro SA (Petrobras) and Colombia’s state-run Ecopetrol SA, boosting the country’s energy security. The contract with Petrobras for 1.7 million metric tonne per annum (mmtpa) was inked during India’s petroleum and natural gas secretary Pankaj Jain visit to Brazil last week

Crude oil production in India declines in July

India’s crude oil production during July 2022 was 2453.19 thousand metric tonnes (TMT), which is 5.57% lower than target for the month and 3.76% lower than the production of July 2021. Cumulative crude oil production during April-July, 2022 was 9912.42 TMT, which is 2.17% lower than target for the period and 0.50% lower than production

Shell to close two crude oil pipelines for two weeks

Shell said that it plans to shut for two weeks in September a key crude oil pipeline in Gulf of Mexico that supplies oil to Louisiana refineries. The Odyssey and Delta crude pipelines in September will be shut for planned maintenance early-to-mid September, Shell said in a statement. The pipelines transport Heavy Louisiana Sweet crude

Indian government revised windfall tax on Crude

The government has once again revised the newly-introduced windfall tax levied on crude, diesel and jet fuel (ATF). The tax on domestically produced crude oil has been raised to ₹17,750 ($226.14) per tonne from ₹17,000 per tonne, while export taxes on jet fuel has been cut to zero from ₹4 per litre. The excise duty

Sinopec purchases Russian crude

China’s Sinopec Corp has cut its purchases of Russia’s ESPO crude oil in July as other buyers, including from India, were willing to pay higher prices. Sinopec bid at discounts of about $20 a barrel below the price of Middle East benchmark Dubai on a free-on-board basis for July shipments, similar to what it paying

Oil refineries in Pakistan not ready to import Russian oil

The National Refinery Limited in Pakistan has excused from the import of Russian crude oil.   The refineries in the country showing their limitations said that the transportation cost, increase voyage time, low/no capacity to process it, payment procedure and the long-term contract with Middle Eastern suppliers are the main hurdles in the way of

Crude oil output in India increased by 4.6% in May

India’s crude oil production has increased by 4.6 per cent year-on-year to 2.6 million tonnes (MT) in May 2022. Compared with the target for the month, the output was higher by 2.4 per cent. Cumulatively, the output during the first two months of FY23 rose around 2 per cent Y-o-Y to 5.1 MT, while it

Eni, Repsol given green signal to export Venezuelan oil

European giants Repsol and Eni are now allowed to export oil from Venezuela, as the US is easing a restriction on its oil exports as payment for debt. The decision comes amid a tight oil market – especially for the grade of heavy crude Venezuela produces. The US State Department is reversing its earlier position

Assago Industries submits application seeking land for bio-ethanol plant in AP

Assago Industries Pvt. Ltd. chairman Chander Prakash Gurnani and MD and CEO Ashish Gurnani met APIIC Chairman Mettu Govinda Reddy and submitted an application for allotment of 20.70 acres in Gummaladoddi industrial park in East Godavari district at $0.091 million against the present offer price of $0.18 million for setting up a bio-ethanol manufacturing plant

US refiners import Middle East fuel oil

The United States last year imported about 700,000 barrels per day (bpd) of different types of fuel oil and other feedstocks that mostly went to U.S. Gulf Coast refineries to supplement heavy crude oil, according to market research data. Russia last year accounted for just under half of U.S. fuel oil imports, Mexico for 20%