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BPCL inks 4-month US oil purchase deal with BP

20 Mar 2024 , 02:41 PM

Bharat Petroleum Corp BPCL.NS, a state-run oil refiner, has agreed to acquire 1 million barrels per month of US West Texas Intermediate (WTI) crude from BP BP.L for four months, according to trade sources.

BPCL stated that it would start taking delivery from June.

The Indian refiner has also purchased 2 million barrels of WTI crude for loading in April through a spot contract, according to sources.

BPCL frequently buys US oil for its three refineries having a total capacity of 706,000 bpd of crude.

According to one of the sources, WTI will match BPCL’s low-sulphur crude requirement, and the economics and quality of US crude are superior to West African and Mediterranean.

BPCL expects to process more crude in the upcoming fiscal year, which begins in April, than it did last year, when it shut down its 156,000 bpd Bina refinery in central India for a month for maintenance. It also shut down facilities at its 120,000 bpd Mumbai refinery for maintenance.

BPCL, a prestigious Public Sector Undertaking (PSU) categorized as a Maharatna company, aims to efficiently meet the energy needs of our nation by utilizing more than 40 million metric tonnes (MMT) of total refining capacity distributed across strategically located refineries in Mumbai, Kochi, Numaligarh, and Bina.

At around 11.51 AM, BPCL was trading 1.18% higher at 564.30, against the previous close of 557.70 on NSE. The counter touched an intraday high and low of 572.40, and 560.30, respectively.

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