Indian Refiners Continue West Africa Crude Buying Spree
India’s state-run refiners continue their buying spree of crude from West Africa as the Middle East crisis has sapped supply and made deliveries uncertain. In one of the latest purchases via a tender, India’s state-owned refiner Hindustan Petroleum Corporation Limited (HPCL) has acquired 2 million barrels of Nigerian crude oil from Shell, trade sources told Reuters on Thursday. HPCL has bought 1…
India's state-owned refiners are continuing to purchase crude oil from West Africa amid the Middle East supply crisis. Hindustan Petroleum Corporation Limited (HPCL) recently acquired 2 million barrels of Nigerian crude from Shell through a tender, with 1 million barrels of Forcados and Bonga grades for its Visakh refinery in Andhra Pradesh.
HPCL also bought 2 million barrels of Okwuibome and Utapate crudes from Nigeria via Glencore, which will be sent to its Rajasthan refinery. Other Indian refiners like Mangalore Refinery and Petrochemicals Limited (MRPL) and Indian Oil Corporation have also purchased crude from Oman and West Africa, as their Middle Eastern supplies remain limited due to shipping issues at the Strait of Hormuz and Bab el-Mandeb.
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