+
BPCL And HMEL Buy Venezuelan Oil To Diversify Supplies
OIL & GAS

BPCL And HMEL Buy Venezuelan Oil To Diversify Supplies

Bharat Petroleum Corporation Limited (BPCL) and HPCL Mittal Energy Limited (HMEL) have each acquired one mn barrels of Venezuela’s Merey crude, with BPCL making its first purchase and HMEL buying Venezuelan oil for the first time in two years, according to three sources familiar with the trade. The sources requested anonymity because the deals were confidential.

The heavy oil was acquired through two separate deals and is planned to be co loaded on a Very Large Crude Carrier (VLCC) to reduce shipping cost, a move expected to raise India’s imports of Venezuelan crude to at least six mn barrels through April. Co loading on a single vessel is intended to cut freight expenses and improve delivery efficiency for importers.

The purchases were made from trader Vitol and price details were not immediately available, the sources said. HMEL had previously received Venezuelan shipments in February 2024, and other Indian refiners have bought the same grade in recent months as they diversify supplies. Traders including Trafigura have been marketing Venezuelan cargoes under licences granted by the United States as part of a broader supply arrangement with Caracas.

BPCL will split one cargo for discharge at Kochi port in Kerala for its 310,000 barrel per day Kochi refinery and the other for discharge at Sikka in Gujarat for its 156,000 barrel per day Bina refinery. HMEL will import through Mundra for its 226,000 barrel per day Bathinda refinery. Analysts said refiners in India are diversifying crude sources as they reduce purchases from Russia, a trend that assisted New Delhi in securing an interim trade understanding with Washington. Separately, market participants expect shipments from Venezuela to the United States to pick up in coming weeks, as some large refiners seek direct purchases.

Bharat Petroleum Corporation Limited (BPCL) and HPCL Mittal Energy Limited (HMEL) have each acquired one mn barrels of Venezuela’s Merey crude, with BPCL making its first purchase and HMEL buying Venezuelan oil for the first time in two years, according to three sources familiar with the trade. The sources requested anonymity because the deals were confidential. The heavy oil was acquired through two separate deals and is planned to be co loaded on a Very Large Crude Carrier (VLCC) to reduce shipping cost, a move expected to raise India’s imports of Venezuelan crude to at least six mn barrels through April. Co loading on a single vessel is intended to cut freight expenses and improve delivery efficiency for importers. The purchases were made from trader Vitol and price details were not immediately available, the sources said. HMEL had previously received Venezuelan shipments in February 2024, and other Indian refiners have bought the same grade in recent months as they diversify supplies. Traders including Trafigura have been marketing Venezuelan cargoes under licences granted by the United States as part of a broader supply arrangement with Caracas. BPCL will split one cargo for discharge at Kochi port in Kerala for its 310,000 barrel per day Kochi refinery and the other for discharge at Sikka in Gujarat for its 156,000 barrel per day Bina refinery. HMEL will import through Mundra for its 226,000 barrel per day Bathinda refinery. Analysts said refiners in India are diversifying crude sources as they reduce purchases from Russia, a trend that assisted New Delhi in securing an interim trade understanding with Washington. Separately, market participants expect shipments from Venezuela to the United States to pick up in coming weeks, as some large refiners seek direct purchases.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Annette Gregg Named WTCA’s First Female CEO

World Trade Centers Association (WTCA) has appointed Annette Gregg as Chief Executive Officer, making her the first woman to lead the organisation in its 57-year history.Gregg assumed the role from October 5 and will lead WTCA from its recently established global headquarters at One World Trade Center in New York City. The association connects more than 300 World Trade Center locations across nearly 100 countries and territories.As CEO, Gregg will provide strategic leadership to WTCA and its global staff, working with the Board of Directors and members to advance business priorities, strengthe..

Next Story
Resources

Isprava Appoints Sanjay Sethi as Strategic Advisor

Isprava Group has appointed Dr Sanjay Sethi as Strategic Advisor to the business, with a focus on Lohono Stays and Isprava Hospitality.Sethi brings more than 37 years of experience across hospitality operations, development, ownership, strategic growth and capital markets. He will work closely with the Group on strategy, growth and the development of its hospitality business.The appointment comes as Isprava Group expands its integrated ecosystem spanning luxury homes, hospitality, private membership and end-to-end homeowner services.Nibhrant Shah, Managing Director & Co-CEO, Isprava Group, sai..

Next Story
Infrastructure Energy

SunBridge BioEnergy Starts Ethanol Production in Seoni

SunBridge BioEnergy, the bioenergy arm of SunBridge Group, has commenced commercial production at its grain-based fuel-grade ethanol manufacturing facility in Seoni, Madhya Pradesh. The Seoni plant has a production capacity of 300 kilolitres per day and a storage capacity of 11,000 kilolitres. Spread across approximately 117,560 sq m, the facility marks SunBridge BioEnergy’s entry into commercial ethanol production. The company is also expanding its ethanol portfolio with a 400 KLD facility in Raipur, Chhattisgarh, which is expected to become operational soon. Once commissioned, SunBridge ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code