BPCL Buys 1mn Oil Barrels From US

BPCL Buys 1mn Oil Barrels From US

Bharat Petroleum Corp Ltd (BPCL) on Thursday said it has bought 1 million barrels from the US — in two consignments; a first for the midstream and downstream oil refiner, which is largely dependent on OPEC nations for oil imports.

“We have bought Texas sweet crude with low sulphur and a heavy grade crude. This is part of our plan to diversify procurement and sourcing and to reduce geopolitical risk, by not being overtly dependent on one region for our oil and gas supply,” said D Rajkumar, CMD, BPCL.

On whether the new procurement would mean modification at the company’s refineries, which are more attuned to heavier grades of crude with high sulphur content from the Middle East, the CMD said there would be no need for such revisions. Read More…

 

Credit By : The Times Of India

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