AIRLINK 78.61 Increased By ▲ 5.08 (6.91%)
BOP 4.65 Decreased By ▼ -0.02 (-0.43%)
CNERGY 4.03 Increased By ▲ 0.02 (0.5%)
DFML 36.48 Increased By ▲ 0.39 (1.08%)
DGKC 88.25 Increased By ▲ 1.70 (1.96%)
FCCL 22.29 Increased By ▲ 0.31 (1.41%)
FFBL 30.15 Increased By ▲ 0.14 (0.47%)
FFL 9.18 No Change ▼ 0.00 (0%)
GGL 9.92 Increased By ▲ 0.06 (0.61%)
HASCOL 6.11 Decreased By ▼ -0.14 (-2.24%)
HBL 105.00 Decreased By ▼ -0.01 (-0.01%)
HUBC 137.50 Increased By ▲ 0.05 (0.04%)
HUMNL 10.65 Decreased By ▼ -0.10 (-0.93%)
KEL 4.64 Increased By ▲ 0.15 (3.34%)
KOSM 4.00 Increased By ▲ 0.01 (0.25%)
MLCF 37.13 Increased By ▲ 0.43 (1.17%)
OGDC 119.19 Decreased By ▼ -0.21 (-0.18%)
PAEL 23.98 Increased By ▲ 0.01 (0.04%)
PIBTL 6.07 Increased By ▲ 0.02 (0.33%)
PPL 114.05 Increased By ▲ 1.55 (1.38%)
PRL 23.17 Increased By ▲ 0.36 (1.58%)
PTC 12.20 Increased By ▲ 0.30 (2.52%)
SEARL 59.05 Increased By ▲ 0.65 (1.11%)
SNGP 61.98 Increased By ▲ 0.87 (1.42%)
SSGC 9.76 Increased By ▲ 0.11 (1.14%)
TELE 7.67 Increased By ▲ 0.12 (1.59%)
TPLP 9.48 Decreased By ▼ -0.06 (-0.63%)
TRG 63.72 Increased By ▲ 0.62 (0.98%)
UNITY 26.85 Increased By ▲ 0.05 (0.19%)
WTL 1.30 Increased By ▲ 0.01 (0.78%)
BR100 7,583 Increased By 39.5 (0.52%)
BR30 24,238 Increased By 202.6 (0.84%)
KSE100 72,797 Increased By 207.9 (0.29%)
KSE30 23,213 Increased By 76.4 (0.33%)

HOUSTON/NEW DELHI: South America’s fastest growing oil producer has turned down the Indian government’s request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday.

Guyana’s oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. The government has rights to about 12.5% of the barrels, which are marketed under a one-year contract reached with BP last November.

India and Guyana have discussed a potential bilateral oil agreement for two years. The countries have failed to reach mutually agreed terms for now, Jagdeo said, with talks continuing on agriculture, health care and other areas.

India’s oil deals with Russia dent decades-old dollar dominance

“Any sale of our crude will have to be on commercial terms, not a discounted terms,” Jagdeo said at a briefing. “We don’t have a proposal at this point in time (from India) to buy crude”.

Guyana has been also trying to attract Indian companies to take part in its first competitive oil auction, which will offer 14 offshore blocks to highest bidders. Indian companies have not confirmed participation. The auction, initially set for September last year, was postponed to July.

Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said.

Indian business delegation to visit Russia to explore agri exports

“Guyana crude is costly for us because of high freight. Instead of paying a high freight for their oil, we will prefer to buy oil from the Middle East and east and west Africa,” said a person familiar with the Indian traders thinking. “Without concessions their crude doesn’t make commercial sense for us.”

India’s Foreign Minister, Subrahmanyam Jaishankar, is expected to visit in the coming days to sign a memorandum of understanding between the two countries, Jagdeo said.

“We are moving forward on many of the other areas,” Jagdeo said.

Comments

Comments are closed.

TimeToMovveOn Apr 23, 2023 05:50am
Business is business as usual in India.
thumb_up Recommended (0)