India’s Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for May loading from dealer Trafigura
View PhotosA person paints the brand of oil refiner Bharat Petroleum Corp (BPCL) on a wall
India’s Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for May loading from dealer Trafigura, two sources accustomed to the acquisition mentioned.
Refiners in India, the world’s third largest oil importer and client, have been snapping up Russian oil via spot offers since Russia’s invasion of Ukraine on Feb. 24, making the most of deep reductions as different patrons again away.
BPCL and Trafigura didn’t instantly reply to requests for remark.
The state-run refiner repeatedly buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.
With BPCL’s buy, India has to this point booked at the least 16 million barrels of Russian oil since Feb. 24, much like imports in all of 2021, in response to Reuters calculations.
The Urals low cost to dated Brent has hit a document for the post-Soviet period as some patrons shunned Russian oil. Unlike a number of Western international locations, India has not banned Russian oil imports.
India’s international minister S. Jaishankar mentioned on Wednesday the federal government was working to stabilize financial transactions with Russia, a day after India condemned killings of civilians in Ukraine and referred to as for an unbiased probe.
Jaishankar instructed lawmakers in Parliament that Russia continued to be a essential financial accomplice and efforts have been underway to “stabilise economic transactions between India and Russia.”
India’s finance minister Nirmala Sitharaman final week mentioned India would purchase Russian oil if accessible at a reduction.
“India’s overall interest is what is kept in mind … I would put my country’s national interest first, and I would keep my country’s energy security first,” she mentioned.
(Reporting by Nidhi VermaEditing by Mark Potter)
0 Comments
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
For the most recent auto information and evaluations, comply with on carandbike.com Twitter, Facebookand subscribe to our YouTube channel.
,
With inputs from NDTV
