Search Result for : Refiners

The Dollar Business Bureau The DGFT issued a trade notification TRADE NOTICE NO.04/2018 on April 21, 2017, specifying that unrefined gold or dore can be imported only by those refineries that hold a valid licence from the Bureau of Indian Standards (BIS). This will be effective from June 1. India imported $381,006 million worth of dore in 2015-2016 and $308,813 million in FY 2017. On an average India imports nearly 200 tons of dore in a year. It should be recollected that the government had announced an increase in the excise duty on dore gold from 8% to 8.75% and excise duty from 9% to 9.5% thereby decreasing the duty differential with bullion that attracts an excise duty of 10%. Refineries in the ...

The new crude import policy will enable the state-run oil refiners to have a common procurement system which will help get better prices Source: PTI The Minister of State for Petroleum and Natural Gas (Independent Charge), Shri Dharmendra Pradhan addressing at the Seminar on Oil and Gas, during the Make in India Week function, in Mumbai.   The Oil Ministry will soon come up with a cabinet note on the new crude import policy for spot crude purchases by state-owned refiners, doing away with the long-followed tendering process, Minister Dharmendra Pradhan said in Mumbai on Monday. He said new crude import policy will enable the state-run oil refiners to have a common procurement system which will help get better prices, which in turn will ...

Source: PTI Indian refiners, including MRPL and Essar Oil, will pay Iran the first tranche of $700 million on Wednesday to clear nearly a tenth of outstanding oil dues. Mangalore Refinery and Petrochemicals Ltd (MRPL) will pay $300 million and a similar tranche may follow next month. Essar Oil will clear a little over $300 million in dues on September 30, top sources said. HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp Ltd (HPCL) will be the other refiners to clear their part of the outstanding on Wednesday. Sources said the refiners will deposit rupee equivalent of $700 million in Kolkata-based UCO Bank which will then transmit the money to Reserve Bank of India (RBI). RBI will make arrangements for its ...

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) ...