Indian diesel imports intensify, could slow during monsoons
The Dollar Business Bureau Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...
Iran asks India to clear $6.5 bn oil dues in two months
Source: PTI Iran has asked India to pay within two months $6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said. "Part of the payment in US dollar or euro and part in Indian rupees," he said adding Iran will open a new account with one of the Indian banks for receipt of the rupee payment. The dues to Iran on crude oil that refiners buy have accumulated as Western sanctions blocked payment routes since 2013. About 45% of the oil import bill is paid in rupees in a Uco Bank branch and the rest has accumulated. The official said the payment to Iran can be either through Reserve Bank of India (RBI) ...
