BPCL Makes First Venezuelan Oil Purchase As HMEL Returns

25 Feb 2026 CW Team

The strategic purchases form part of a broader adjustment of crude supply, as refiners reportedly scale back purchases of Russian oil while New Delhi pursues an interim trade understanding with the United States. HMEL last imported Venezuelan crude in February 2024 before this resumption. Market participants note that discounted heavy grades from Venezuela present economically attractive options amid shifting geopolitics. Traders view the transactions as pragmatic diversification rather than a long term commitment.

BPCL plans to discharge part of its shipment at Kochi port in Kerala for processing at its 310,000 barrels per day refinery and at Sikka port in Gujarat for its 156,000 barrels per day Bina facility. HMEL is expected to route its cargo via Mundra port in Gujarat for delivery to its 226,000 barrels per day Bathinda refinery. Co-loading on a single vessel is intended to reduce voyage costs and improve logistics efficiency. Operators will allocate feedstocks to match refinery configurations for heavy crude processing.

Leading Indian refiners including Reliance Industries and Indian Oil Corporation have previously sourced Venezuelan crude at substantial discounts to global benchmarks, demonstrating established commercial channels. The latest purchases by BPCL and HMEL reflect a pragmatic response to available discounts and a desire to broaden supplier options. Observers say the transactions will be monitored for their impact on overall import patterns and on relations with other crude suppliers. Further shipments could follow if pricing and logistics remain favourable.

State-run Bharat Petroleum Corporation Limited made its first purchase of Venezuelan crude and HPCL Mittal Energy resumed Venezuelan procurement after a two-year hiatus, industry sources say. Both refiners acquired one million barrels (one mn) each of Venezuela's heavy Merey crude in transactions arranged by commodities trader Vitol. The cargoes are expected to be co-loaded on a very large crude carrier to optimise freight costs. The moves raise India's Venezuelan imports to at least six mn barrels through April 2026. The strategic purchases form part of a broader adjustment of crude supply, as refiners reportedly scale back purchases of Russian oil while New Delhi pursues an interim trade understanding with the United States. HMEL last imported Venezuelan crude in February 2024 before this resumption. Market participants note that discounted heavy grades from Venezuela present economically attractive options amid shifting geopolitics. Traders view the transactions as pragmatic diversification rather than a long term commitment. BPCL plans to discharge part of its shipment at Kochi port in Kerala for processing at its 310,000 barrels per day refinery and at Sikka port in Gujarat for its 156,000 barrels per day Bina facility. HMEL is expected to route its cargo via Mundra port in Gujarat for delivery to its 226,000 barrels per day Bathinda refinery. Co-loading on a single vessel is intended to reduce voyage costs and improve logistics efficiency. Operators will allocate feedstocks to match refinery configurations for heavy crude processing. Leading Indian refiners including Reliance Industries and Indian Oil Corporation have previously sourced Venezuelan crude at substantial discounts to global benchmarks, demonstrating established commercial channels. The latest purchases by BPCL and HMEL reflect a pragmatic response to available discounts and a desire to broaden supplier options. Observers say the transactions will be monitored for their impact on overall import patterns and on relations with other crude suppliers. Further shipments could follow if pricing and logistics remain favourable.

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