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India BPCL Buys 2 Million Barrels Of Russian Urals For May Loading – Report


India’s Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for May loading from dealer Trafigura


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A person paints the emblem of oil refiner Bharat Petroleum Corp (BPCL) on a wall

India’s Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for May loading from dealer Trafigura, two sources accustomed to the acquisition mentioned.

Refiners in India, the world’s third largest oil importer and shopper, have been snapping up Russian oil via spot offers since Russia’s invasion of Ukraine on Feb. 24, making the most of deep reductions as different patrons again away.

BPCL and Trafigura didn’t instantly reply to requests for remark.

The state-run refiner usually buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.

With BPCL’s buy, India has thus far booked at the least 16 million barrels of Russian oil since Feb. 24, just like imports in all of 2021, in accordance with Reuters calculations.

The Urals low cost to dated Brent has hit a file for the post-Soviet period as some patrons shunned Russian oil. Unlike a number of Western nations, India has not banned Russian oil imports.

India’s international minister S. Jaishankar mentioned on Wednesday the federal government was working to stabilise financial transactions with Russia, a day after India condemned killings of civilians in Ukraine and referred to as for an impartial probe.

Jaishankar informed lawmakers in Parliament that Russia continued to be a essential financial accomplice and efforts have been underway to “stabilise economic transactions between India and Russia.”

India’s finance minister Nirmala Sitharaman final week mentioned India would purchase Russian oil if obtainable at a reduction.

“India’s overall interest is what is kept in mind … I would put my country’s national interest first, and I would keep my country’s energy security first,” she mentioned.

(Reporting by Nidhi VermaEditing by Mark Potter)

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