IndiaCatalog.com
India News
Search Web Directory
News Home
India's BPCL buys US crude set to arrive in China after new tariffs kick in
Posted on 5th September 2019
An Indian state-owned refiner has swooped in to buy American oil that was en route to China but due to arrive after new tariffs kicked in.

Bharat Petroleum bought one or two cargoes of US crude that were recently diverted from its original destination of China, Refineries Director R Ramachandran said in an interview. He didn’t identify the seller, how big the shipments were, or the name of the ships. It’s possible BPCL could buy more American oil that was headed to China, he said.

Beijing announced it would impose the 5 per cent levies -- the first ever Chinese tariffs on US oil -- on Aug 23 and they took effect Sept 1. Six tankers carrying about 12 million barrels of US crude were on the way to China at the time of the announcement. At least one of those vessels arrived before the deadline, while another ship may have offloaded its cargo at a port near Qingdao before the tariffs took effect.

Unipec -- the trading arm of China’s state-owned oil giant Sinopec -- offered US crude that couldn’t arrive in the Asian country before Sept. 1 in late August. At least three potential Asian buyers received offers from Unipec, according to people with knowledge of the matter.

Indian refiners have increased their purchases of American oil this year as supplies from Iran and Venezuela were hit by White House sanctions. The Asian nation bought an average of 287,000 barrels of US crude a month in this year through May, compared with a monthly average of 131,000 barrels in 2018, according to Energy Information Administration data.

China was the biggest foreign buyer of American crude as recently as the middle of last year but imports were subsequently slashed as the trade dispute worsened. Purchases picked up again this year, reaching 1.5 million tons in July, data from the General Administration of Customs show.

Ramachandran also said BPCL is looking to process US West Texas Intermediate Light and Louisiana Light Sweet crude, two American grades that the Indian refiner has yet to purchase.

Related Companies: Bharat Petroleum   

Other Latest News
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019

Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.

Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade.


Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point.

On a weekly basis, the local unit slumped by 32 paise.


LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19.

Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai).


Apollo Hospitals rules out further stake sale
Posted on 13th September 2019
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here.

World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for India's BPCL buys US crude set to arrive in China after new tariffs kick in
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for India's BPCL buys US crude set to arrive in China after new tariffs kick in

Most Read News

More India News

  India Web Directory
Business Profiles
Yellow Pages
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2026 IndiaCatalog.com
    All Rights Reserved
Privacy Statement