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HPCL buys 2 million barrels of Nigerian crude to bypass Middle East chokepoint
The shipment is meant to replace crude supply tied up by Middle East transit issues, feeding HPCL’s Rajasthan refinery with 180,000 bpd capacity.
Indian state-owned refiner Hindustan Petroleum Corporation Limited, or HPCL, has purchased 2 million barrels of crude from Nigeria, Reuters reported, citing trading sources.
The crude includes Okwuibome and Utapate grades, bought via a tender from commodity trader Glencore, and will be delivered to HPCL Rajasthan Refinery Limited in Rajasthan.
HPCL said the Nigerian barrels will be processed at the refinery, which has capacity of 180,000 barrels per day, where Hindustan Petroleum holds a 74% stake.
According to the report, Indian refiners have been scrambling since the Iran war to replace Middle East supply, and HPCL is seeking alternatives that avoid Middle East chokepoints, alongside increased Russian crude imports that the outlet said have not been enough.
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