BPCL Clears Russian Oil Payments, Maximizing Refinery Operations

31 Oct 2023 , 10:49 AM

Bharat Petroleum Corp (BPCL) has confirmed the timely settlement of all payments for its Russian oil purchases, as reported during an analysts’ conference following the release of its September quarter earnings.

Vetsa Ramakrishna Gupta, the head of finance at BPCL, emphasized that no payments to Russia are outstanding beyond their due dates. The Indian government has expressed concerns about using Chinese yuan for settling payments related to Russian oil.

Gupta also revealed that BPCL’s three plants operate at their maximum ‘potential level’ for processing Russian oil, accounting for approximately 30-40% of the company’s total crude intake. BPCL’s facilities include a 240,000 barrel-per-day (bpd) refinery in Mumbai, a 310,000-bpd refinery in Kochi, and a 156,000 bpd plant in central India.

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