Bharat Petroleum Corp (BPCL.NS), a state-run oil refiner, has reportedly inked a significant agreement with BP (BP.L) to acquire 1 million barrels per month of U.S. West Texas Intermediate (WTI) crude over a four-month period, as per trade sources. The deal stipulates that BPCL will commence receiving the oil shipments from June onward.
Additionally, the Indian refiner has secured an additional 2 million barrels of WTI crude through a spot tender for loading in April, according to the sources. BPCL has a history of procuring U.S. oil for its three refineries, which collectively boast a processing capacity of 706,000 barrels per day (bpd) of crude.
One of the sources highlighted that WTI crude will fulfill BPCL’s requirement for low-sulfur crude, noting that the economic and qualitative appeal of U.S. crude surpasses that of oil sourced from West Africa and the Mediterranean. Anticipated data suggests that BPCL will likely process a higher volume of crude in the upcoming fiscal year, commencing in April, in comparison to the current year.
Following temporary closure of its 156,000 barrels per day (bpd) Bina refinery in central India for maintenance, BPCL has made adjustments. Moreover, maintenance activities have been carried out on various units within its 120,000 bpd Mumbai refinery during the current year.
Bharat Petroleum Corporation Limited is a renowned Indian state-controlled oil and gas company headquartered in Mumbai. With a rich legacy spanning over seven decades, BPCL has emerged as a leading player in the energy sector, known for its commitment to excellence and innovation.
The company operates a robust network of refineries, terminals, and distribution centers, ensuring the efficient supply of fuels and lubricants to various sectors. The company has also ventured into renewable energy sources, reflecting its commitment to sustainable practices and environmental stewardship.
Driven by a customer-centric approach, BPCL has established a strong presence in the domestic and international markets, offering quality products and services. Committed to fostering growth and development, the company continues to be a key contributor to India’s energy landscape, embodying its motto, “Energising Lives, Energising Tomorrow.”
