May 28, 2024 09:39 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bibhav Kumar's bail, if granted, will be a death threat for me and my family: Swati Maliwal to Delhi HC | Now we don't trust Gujarat govt: High Court raps State and local body over Rajkot gaming zone fire incident | Delhi CM Arvind Kejriwal requests Supreme Court to extend his interim relief by 7 days in liquor policy case | Cyclone Remal leaves trail of destruction in West Bengal, claims 2 lives, downpour continues | 'Man-made disaster': Gujarat High Court takes suo motu cognizance of Rajkot gaming zone fire that killed 27 people
Bharat Petroleum inks deal with BP to buy US crude

Bharat Petroleum inks deal with BP to buy US crude

| @indiablooms | 20 Mar 2024, 08:55 pm

New Delhi: Public sector oil refiner Bharat Petroleum Corporation Ltd (BPCL) has inked a deal with BP to purchase 1 million barrels every month of U.S. West Texas Intermediate (WTI) crude for a period of four months, media reported.

According to a Reuters report, as per the deal, BPCL will get the deliveries starting from June.

Apart from this, BPCL bought WTI crude in April for loading through spot trading, the report said citing sources.

BPCL frequently procures American oil for its three refineries, collectively capable of processing 706,000 barrels per day of crude.

WTI will fulfill BPCL's need for low-sulphur crude, a source told Reuters, adding that the economic and qualitative advantages of U.S. crude surpass those of oil sourced from West Africa and the Mediterranean.

BPCL will likely handle a higher volume of crude in the upcoming fiscal year starting in April compared to the current period.

This increase is attributed to the temporary shutdown of its 156,000 barrels per day Bina refinery in central India for maintenance in the current year, alongside maintenance activities at units within its 120,000 barrels per day Mumbai refinery.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.