Oil and Gas stocks were trading in red, with the S&P BSE Oil&Gas index decreasing 24.13 points or 0.16% at 14779.73 at 13:49 IST. Among the components of the S&P BSE Oil&Gas index, Reliance Industries Ltd (down 0.92%), Castrol India Ltd (down 0.72%),Hindustan Petroleum Corporation Ltd (down 0.6%),Gujarat State Petronet Ltd (down 0.3%),Oil & Natural Gas Corpn Ltd (down 0.19%), were the top losers. Among the other losers were Indraprastha Gas Ltd (down 0.15%), and GAIL (India) Ltd (down 0.04%). On the other hand, Indian Oil Corporation Ltd (up 0.5%), Bharat Petroleum Corporation Ltd (up 0.28%), and Petronet LNG Ltd (up 0.13%) turned up.
At 13:49 IST, the S&P BSE Sensex was down 51.02 or 0.1% at 49108.3.
updated: Apr 06 2021, 14:10 ist
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources said.
- BPCL Acquires OQ s full stake in Bharat euro-petrole.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from euro-petrole.com Daily Mail and Mail on Sunday newspapers.
Clifford Chance advises OQ on its entry into an agreement to sell its entire stake in Bharat Oman Refineries Ltd
5 April 2021
Clifford Chance advises OQ on its entry into an agreement to sell its entire stake in Bharat Oman Refineries Ltd
Clifford Chance has advised OQ (the national petroleum investment company of Oman) on its entry into an agreement to sell its entire 36.62% stake in Bharat Oman Refineries Ltd (BORL) to its partner Bharat Petroleum Corporation Ltd (BPCL).
BORL owns and operates the Bina Refinery, located in the central Indian state of Madhya Pradesh, which has a capacity of 7.8 million tonnes per annum.
BW Businessworld
India Asks State Refiners To Review Oil Import Contracts With Saudi
India imports 85 per cent of its oil needs and is often vulnerable to global supply and price shocks. When oil prices started to rise in February, it wanted Saudi Arabia to relax output controls but the Kindgom ignored its calls.
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Amid tensions with Saudi Arabia over oil production cuts, India has asked its state refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms, a top official said.
Keen to break producers cartel dictating pricing and contractual terms, the government has told Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to look for oil supplies from outside the Middle East region and use collective bargaining power to get favourable terms.