Indian Oil & HPCL explores possibilities to import crude oil from Russia

State-owned Bharat Petroleum Corporation Ltd’s sister firms – Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) – are also exploring possibilities to enter into a term contract with Russia for crude oil imports.

BPCL’s plan to enter into a term agreement with Russia, not on the government’s direction, but considering the price advantage that the Russian crude can present now.

Indian oil companies have never had a term agreement with Russia for imports of crude. Whatever quantity is procured from Russia is from the spot market. However, new avenues for the term can always be examined.

The lion’s share of India’s crude oil import is from the Middle East on term agreements. India is the third-largest importer of crude oil in the world.

Image Source

Also read: Bharat & Hindustan Petroleum wins two licenses for selling CNG & piped

Related Stories

Petronet LNG to set up floating LNG terminal at Gopalpur

Petronet LNG Ltd, will set up a floating LNG receipt facility at Gopalpur port

Bharat & Hindustan Petroleum wins two licenses for selling CNG & piped

In UP, 7 companies submitted 21 proposals for city gas licenses in 5 areas

BPCL, ONGC, NTPC to ramp up renewable energy capabilities

BPCL, ONGC and NTPC are expanding RE capabilities to reduce carbon emissions