Bharat Petroleum inks deal with BY to buy US crude
New Delhi: Public sector oil refiner Bharat Petroleum Corporation Ltd (BPCL) has inked a deal with BP to purchase 1 million barrels every month of U.S. West Texas Intermediate (WTI) crude for a period of four months, media reported.
According to a Reuters report, as per the deal, BPCL will get the deliveries starting from June.
Apart from this, BPCL bought WTI crude in April for loading through spot trading, the report said citing sources.
BPCL frequently procures American oil for its three refineries, collectively capable of processing 706,000 barrels per day of crude.
WTI will fulfill BPCL's need for low-sulphur crude, a source told Reuters, adding that the economic and qualitative advantages of U.S. crude surpass those of oil sourced from West Africa and the Mediterranean.
BPCL will likely handle a higher volume of crude in the upcoming fiscal year starting in April compared to the current period.
This increase is attributed to the temporary shutdown of its 156,000 barrels per day Bina refinery in central India for maintenance in the current year, alongside maintenance activities at units within its 120,000 barrels per day Mumbai refinery.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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