Bharat Petroleum, HMEL turn to Venezuelan crude as India reduces Russian oil purchases: Report
India’s state-owned Bharat Petroleum Corp (BPCL) and private refiner HPCL Mittal Energy Ltd (HMEL) have each bought one million barrels of Venezuelan Merey crude oil, marking BPCL’s first-ever purchase and HMEL’s first in two years, according to Reuters sources on Wednesday. The deals, arranged through trader Vitol, will increase India’s Venezuelan oil imports to at least 6 million barrels through April.
The two companies plan to load the heavy crude oil onto a single large vessel to cut shipping costs. BPCL will split its share between its Kochi refinery in Kerala and Bina refinery in Gujarat, while HMEL will process its portion at its Bathinda refinery in northern India through Mundra port.
