Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports not specifically targeted by US sanctions.
India’s growing appetite for Venezuela’s petcoke – a byproduct from oil upgrading and an alternative to coal – is being driven by a scramble for inexpensive fuel to power industries as global coal prices have surged.
This could boost cash flow for the South American producer, where state and private companies have increased exports of petrochemicals and oil byproducts, and the more competitively-priced Venezuelan supplies could displace cargoes from traditional suppliers.
