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    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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Delayed NSE India Stock Exchange  -  05:27:18 2023-02-02 am EST
332.20 INR   -0.75%
02:29aCold weather hits India's gasoline, gasoil sales in Jan
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02/01Indian state oil companies to spend $13 billion in fiscal 2024
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02/01Nomura Adjusts Bharat Petroleum's Price Target to INR295 From INR265, Keeps at Reduce
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Indian refiners becoming wary of buying Russian oil as EU sanctions loom - sources

11/16/2022 | 04:09am EST
FILE PHOTO: Oil tankers are seen parked at a yard outside a fuel depot on the outskirts of Kolkata

NEW DELHI (Reuters) - Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism, according to sources familiar with the refiners' crude purchase plans.

Chinese refiners have already begun slowing down Russian oil imports from next month.

The Asian giants, who are two of the world's top three importers, had become Russia's biggest customers after the West shunned Russian oil after the outbreak of war in Ukraine.

Reduced buying by both of them would leave Russia chasing alternative customers, potentially depressing prices even if those new buyers are unlikely to join a plan by rich nations in the Group of Seven (G7) to cap Russian oil prices.

Reliance Industries Ltd, operator of the world's biggest refining complex and a major customer for Russia, has not placed orders yet for Russian cargoes loading after Dec. 5, two sources familiar the refiner's purchase plans told Reuters.

Neither has state-run Bharat Petroleum Corp, they said.

The Indian companies did not respond to Reuters email seeking comments.

According to the sources, Reliance is cautious about reactions from foreign banks given its exposure to the western financial system and overseas sales of refined products.

"There are too many uncertainties attached to the cap mechanism. We don't know what the payment mechanism could be and what could be the cap level," said a source at one of the state refiners.

Still, Indian Oil Corp, the country's top refiner, has placed orders for Russian cargoes, including for loading some parcels beyond Dec. 5, under term and spot deals, said one of the sources.

"IOC wants to secure barrels," the source said, adding that Indian refiners have the option of raising purchases under their term deals with the suppliers, mainly in the Middle East, to meet their contractual commitments if they face problems in getting Russian supplies. IOC did not respond to Reuters email requesting comment.

In contrast, private refiner Nayara Energy, majority owned by Russian entities, plans to continue Russian oil imports, sources aware of its crude purchases said.

After western sanctions were imposed on Russia and Rosneft, which owns about 49% of Nayara, most foreign banks stopped dealing with Nayara, leaving the refiner dealing through Indian banks.

PAYMENT, INSURANCE

While refiners are cautious about sanctions, India and Russia have set up alternatives to western insurance, finance and maritime services in order to conduct their trade.

Indian refiners buy Russian oil on a delivered basis with insurance - cargo, P&I and hull and machinery - arranged by Russian entities. India accepts Russian insurance.

Also, India has recently devised a mechanism to settle trade with foreign nations in rupee terms through vostro accounts of foreign banks in India. A commerce ministry official on Tuesday said Russia's Gazprombank had opened a vostro account with UCO Bank, and VTB Bank and SberBank have opened accounts with their own India-based branch offices. India's central bank in July this year introduced a new mechanism for international trade settlements in rupees.

(Reporting by Nidhi Verma; Editing by Florence Tan and Simon Cameron-Moore)

By Nidhi Verma


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -0.75% 332.2 Delayed Quote.1.27%
BRENT OIL -0.46% 82.65 Delayed Quote.-0.55%
INDIAN OIL CORPORATION LIMITED -1.57% 78.55 Delayed Quote.4.31%
RELIANCE INDUSTRIES LTD -0.55% 2326.95 Delayed Quote.-8.14%
ROSNEFT OIL COMPANY -3.77% 351.2 End-of-day quote.0.00%
S&P GSCI CRUDE OIL INDEX -0.66% 419.7631 Real-time Quote.-2.93%
SBERBANK OF RUSSIA 0.16% 133.3 End-of-day quote.0.00%
UCO BANK -3.37% 28.65 End-of-day quote.-9.05%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.37% 70.03 Delayed Quote.-2.01%
VTB BANK 0.51% 0.01883 End-of-day quote.0.00%
WTI -0.26% 76.365 Delayed Quote.-1.72%
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Analyst Recommendations on BHARAT PETROLEUM CORPORATION LIMITED
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Financials
Sales 2023 4 789 B 58 583 M 58 583 M
Net income 2023 588 M 7,19 M 7,19 M
Net Debt 2023 792 B 9 687 M 9 687 M
P/E ratio 2023 66,5x
Yield 2023 0,86%
Capitalization 726 B 8 881 M 8 881 M
EV / Sales 2023 0,32x
EV / Sales 2024 0,32x
Nbr of Employees 8 594
Free-Float 45,5%
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 334,70 INR
Average target price 381,39 INR
Spread / Average Target 14,0%
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Managers and Directors
Ramakrishna Gupta Vetsa Chairman, MD, CFO & Finance Director
Mahadevan Easwaran S. Chief General Manager-Marketing
Ravikumar V. Chief General Manager-Research & Development
Chacko M. Jose Chief General Manager-Kochi Refinery Operations
Chandrasekhar N. Chief General Manager-Mumbai Refinery Operations
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