Tuesday, September 15
Indian Oil Corp (IOC), the country's top refiner, has bought 7 million barrels of September-arrival crude from the United States, Canada and the Middle East via a tender, several trade sources said on Monday. IOC's large spot crude purchase comes after the arbitrage window for U.S. crude to Asia opened and as Indian state refiners paused buying of Russian crude oil on narrowing discounts. U.S. President Donald Trump has warned countries not to purchase oil from Moscow, which is under sanctions over its February 2022 full-scale invasion of Ukraine. IOC bought 4.5 million barrels of U.S. crude, 500,000 barrels of Canada's Western Canadian Select (WCS) and two million barrels of Das oil produced in Abu Dhabi, the sources said. They declined to be named because they were not authorised to spea
India's markets regulator on Monday proposed that low-value transactions between interconnected entities, or "related parties", no longer need to be disclosed and that only some of such high-value deals need shareholder approval.These proposals are part of the Securities and Exchange Board of India's (SEBI) relook at the required disclosures on labour, environment and other issues as it seeks "optimal regulations" under recently appointed chairman, Tuhin Kanta Pandey.The regulator has now proposed that companies no longer need to disclose related-party transactions that have a value of less than 150 million rupees (about $1.70 million).While they will still have to report transactions above this value, it has proposed a revenue-based graded approach to determine which of these deals will r
