BPCL And HMEL Buy Venezuelan Oil To Diversify Supplies

24 Feb 2026 CW Team

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.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..