State-run Hindustan Petroleum Corporation Ltd (HPCL) is exploring the import of Venezuelan crude for the first time as it prepares to increase heavy oil processing in the new financial year starting April, Chairman Vikas Kaushal said.

Indian refiners are considering Venezuelan crude supplies being offered by global traders under a US-mandated sales framework following recent developments involving Venezuela’s leadership. HPCL is evaluating the opportunity as part of its efforts to diversify crude sourcing and enhance operational flexibility.

Kaushal said the company is strengthening its ability to process heavier crude grades, supported by new infrastructure, including a residue upgradation facility at the Visakhapatnam refinery and the Barmer refinery. He noted that HPCL is actively exploring Venezuelan oil, which it has not processed previously.

The company expects to begin crude processing at its 180,000 barrels-per-day Barmer refinery in Rajasthan by the end of the month. Once operational, the facility will position HPCL as India’s second-largest state-run refiner, behind Indian Oil Corporation.

HPCL has recently purchased Brazilian Tupi crude and increased its processing of West African oil to diversify its crude basket. The company clarified that it is not sourcing sanctioned Russian crude.

HPCL currently operates a 190,000 barrels-per-day refinery in Mumbai, Maharashtra, and a 300,000 barrels-per-day refinery in Visakhapatnam, Andhra Pradesh. It also holds a 48.99 per cent stake in HPCL-Mittal Energy Ltd, which operates the 226,000 barrels-per-day Bathinda refinery in Punjab. The Bathinda facility is undergoing a capacity expansion of 10,000 barrels per day.

The move to explore Venezuelan crude reflects HPCL’s broader strategy to strengthen supply flexibility, optimise refinery operations and support its expansion into heavier crude processing amid evolving global energy markets.