Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Rosneft deal to open new oil routes for India.

Date: 19-10-2016
Subject: Rosneft deal to open new oil routes for India
NEW DELHI: Rosneft's takeover of Essar Oil has the potential to redraw India's oil routes, particularly for Russian-owned crude, to reduce dependence on supplies from Middle East and pitchfork the country into a regional products marketing war with China in the next three years.

Rosneft, the world's largest publicly traded oil company , and two other investors on Saturday bought 98% of Essar Oil's 20 million-tonne-per-annum refinery , associated port and fuel retail network for $13 billion. Rosneft will be in the driver's seat with 49% stake.

The deal indicates Rosneft's thrust on expanding refining capacity outside Russia to ensure a captive market for its rising portfolio of producing assets at home and abroad as well as providing a hedge against fresh Western sanctions hitting its crude sales. The Essar refinery alone would add 21% of Rosneft's total capacity in Russia, making India the fulcrum of its refining empire.

Rosneft has already said it intends to process crude from its Venezuela asset in India. Venezuela now accounts for roughly 12% of India's oil supplies, with imports by Essar, Reliance Industries and state-run refiners.

Venezuelan crude can be processed only by refineries with high level of sophistication, which somewhat limits its market to mostly Asian region even though it is cheaper than global benchmarks.

Rosneft is expected to le verage the high level of sophistication of Indian refineries, especially those being modernised in state sector, to raise the flow of Venezuelan crude to India.

The company is also likely to go for swaps with South Korean, Japanese and European buyers that may see oil from new sources flowing to India. Such developments will only hasten the ongoing churning in India's oil shopping, which saw Iraq replacing Saudi Arabia in June as the top supplier and South America raising its share.But it is doubtful whether Rosneft's entry will result in a price war with Middle East suppliers since the latter have the advantage of lower transportation costs.

Source : economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 01-12-2020
Notification No. 42/2020 -Customs (ADD)
Seeks to amend notification No. 21/2016-Customs (ADD) dated 31st May, 2016 to extend the levy of Anti-Dumping duty on Methylene chloride originating in or exported from China PR, up to and inclusive of 31st Jan, 2021.

Date: 01-12-2020
Notification No. 90/2020 – Central Tax
Seeks to make amendment to Notification no. 12/2017- Central Tax dated 28.06.2017.

Date: 29-11-2020
Notification No. 89/2020 – Central Tax
Seeks to waive penalty payable for noncompliance of the provisions of notification No.14/2020 – Central Tax, dated the 21st March, 2020.

Date: 27-11-2020
Notification No. 109/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 27-11-2020
Circular No. 52/2020-Customs
Exports of Gems and Jewellery through Courier mode - reg.

Date: 27-11-2020
Notification No. 40/2020-Customs (ADD)
Seeks to impose Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR for a period of 5 years, in pursuance of sunset review final findings issued by DGTR

Date: 27-11-2020
Notification No. 41/2020 -Customs (ADD)
Seeks to further amend notification No. 49/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of “Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles” originating in or exported from China PR, for a period upto and inclusive of the January 31, 2021

Date: 26-11-2020
Notification No. 43/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil

Date: 26-11-2020
Notification No. 39/2020-Customs (ADD)
Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of "Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester " originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020

Date: 26-11-2020
Public Notice No. 30/2015-20
Revision of SION A1827 of Export Products - Ossein

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001