• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Tuesday, March 28, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

‘We will not buy oil from Chinese companies,’ After barring Chinese ships, India stops all oil purchase from China

Akshay Narang by Akshay Narang
August 28, 2020
in Indian Subcontinent
Reading Time: 3 mins read
0
Chinese, Modi
767
VIEWS
Share on FacebookShare on Twitter

New Delhi will not stop punishing China for its misdeeds. Having already caused severe damage to Beijing’s technological sector by targeting some of the biggest Chinese tech giants and apps, India is now looking to punish China in the oil sector also. India is not only banishing Chinese imports but also telling the world that it wouldn’t deal with anything that has a China link.

As per a latest Reuters report, Indian State refiners have stopped buying crude oil from the Chinese companies. Now, India is not only going to cause heavy losses to the Chinese oil companies, but also creating far-reaching repercussions when it comes to the equity stakes of Chinese companies in oilfields around the world.

Also Read

Indonesia’s Shocking Decision on Visa and Mastercard!

How a DEA chief in Mexico ended up working with narcotraffickers

India is, therefore, weaponizing its status as the world’s third-largest oil consumer and importer. Moreover, the Indian oil refining sector is dominated by state-owned companies- Indian Oil, Bharat Petroleum and Hindustan Petroleum- in refining as well as distribution. 60 per cent of India’s 5 million barrel-per-day refining capacity is dominated by the State-owned companies and now they are being used as a strategic tool to punish China.

The latest move to kick China out of India’s oil supply chains comes after New Delhi’s recent issue of a regulation to restrict imports from countries that it shares a border within a clear bid to hurt China. The regulation was passed just over a week after the Galwan Valley bloodbath between the Indian Army and the Chinese People’s Liberation Army (PLA).

Reuters claims that since the regulation to restrict imports from countries sharing land borders with India came into effect, the Indian State refiners have been inserting a clause in their import tenders regarding India’s land neighbours.

The Chinese companies being targeted here are CNOOC Ltd, Unipec, PetroChina and China Aviation Oil (Singapore) as sources told Reuters that the Indian State refiners have stopped transacting with them for fuel imports and have also stopped chartering Chinese tankers of oil imports.

The move to stop issuing crude import tenders hurts Chinese companies, because while China is itself an oil importer, its companies are major crude oil traders on a worldwide scale. These Chinese State-owned oil companies hold equity stakes in many oilfields across the world including in the Middle East, Africa and the Americas. They regularly submit competitive bids in crude oil import tenders invited by Indian State refiners.

But now India is kicking out China from its crude imports. The State refiners alone control India’s 3 million barrel-per-day refining capacity. And now China stands decoupled from this massive crude oil supply chain. The sheer loss of the massive Indian refining market hurts Chinese oil business interests.

But the repercussions could be bigger and far-reaching. Ultimately, India’s message is not only to China but also to oil-rich countries around the world that if they are going to transact with Chinese companies, then they can as well forgo the Indian market. New Delhi is compelling these countries to make a choice and keep the Chinese companies at bay if they want to sell their crude oil to India.

This may seem like a small move, but India has actually weaponized its influence in a strategic sector and now threatens to upset China’s business advances into several oil-rich countries around the world. This isn’t just about limiting Chinese imports to India, but also a question of Beijing’s ambitions to gain influence on critical oilfields in distant parts of the world.

Meanwhile, the Indian State refiners haven’t responded to the latest reports, and Chinese companies like CNOOC, PetroChina, China Aviation Oil and Unipec parent Sinopec have also refused to comment.

The message from New Delhi is loud and clear- disengagement has not happened in Eastern Ladakh, and as long as the status quo ante isn’t restored and Chinese PLA troops do not withdraw to their original positions, New Delhi would continue to punish Beijing. Every time China thinks that India is done punishing it economically, the Modi government comes up with a new option to punish China.

India is turning the tables on China by progressively reducing imports dependence on the Communist nation. The Eastern Ladakh offensive is thus turning out to be a very costly affair for China- far more exorbitant than what it could have imagined.

Share455TweetSend
Previous Post

Israel backed by Muslim nations could soon pose a major threat to the very existence of Palestine as a country

Next Post

China’s ambitious BRI project is now a top target of US, Australia and India. And they look all set to destroy it

Also Read

Devi Patan Mandir thumbnail

Devi Patan Mandir, Timings, History, Travel Guide and How to reach

March 24, 2023
Chintpurni Mandir HImachal IDOL

Chintpurni Mandir Himachal, Timings, History, Travel Guide and How to reach

March 24, 2023
Tadkeshwar Mahadev Temple building

Tadkeshwar Mahadev Temple, Timings, History, Travel Guide and How to reach

March 24, 2023
Kumbhalgarh Charbhuja Mandir darshan

Charbhuja Mandir Kumbhalgarh, Timings, History, Travel Guide and How to reach

March 23, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Africa kicks dollar to the curb

Africa kicks dollar to the curb

March 14, 2023
Romania’s rising star, Diana Sosoaca is making the West anxious

Romania’s rising star, Diana Sosoaca is making the West anxious

March 27, 2023
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
Jagmeet Singh is burning the bridges between India and Canada

Jagmeet Singh is burning the bridges between India and Canada

March 21, 2023
Iran relations

NATO fears losing out to Iran

March 22, 2023
Indonesia’s Shocking Decision on Visa and Mastercard!

Indonesia’s Shocking Decision on Visa and Mastercard!

March 28, 2023
How a DEA chief in Mexico ended up working with narcotraffickers

How a DEA chief in Mexico ended up working with narcotraffickers

March 28, 2023
US and its European lackeys are trying to kick Russia out of the WTO, but it’s not happening

US and its European lackeys are trying to kick Russia out of the WTO, but it’s not happening

March 28, 2023
Trudeau chooses the most environment unfriendly hotel in Egypt to attend an environment summit

Trudeau chooses the most environment unfriendly hotel in Egypt to attend an environment summit

March 28, 2023
Going all in: UK’s African Gambit aims to score big at UK-Africa investment summit

Going all in: UK’s African Gambit aims to score big at UK-Africa investment summit

March 28, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.