Repono Limited said it has signed a 20-year contract with Reliance Industries Limited (RIL) for a greenfield petroleum products terminal project in western Uttar Pradesh, covering engineering, procurement and construction (EPC) as well as subsequent operations and maintenance (O&M). The project will be executed through its subsidiary, Repono Mathura Terminal Private Limited, and is slated for a 36-month construction period. The company described the deal as its largest single contract to date and said it improves medium-term visibility and strengthens its competitive position.

Fitch Ratings shifted its 2026 US macro outlook to “deteriorating,” cutting its GDP growth forecast to 1.9% from 2.2%. The agency said it no longer expects any Federal Reserve rate cuts in 2026, after previously anticipating two 25bps cuts. Fitch cited the adverse impact of an oil price shock, partly offset by AI-driven investment and energy demand. It also upgraded North American Midstream Energy, LNG Infrastructure and Global Oil and Gas to “improving” on stronger demand and higher-for-longer oil prices.

India’s trade deficit widened to USD 28.21 billion in May, driven by a 62% year-on-year jump in oil import costs to USD 22.7 billion. A report said easing geopolitical tensions in West Asia have softened crude prices, and higher import duties on gold could help lower import costs and narrow the deficit. Non-oil exports and capital-goods imports remained strong, pointing to resilient domestic demand and investment.