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Indian Bharat signs 10,000 bpd Nigeria oil deal

By on October 3, 2012

Indian state-run Bharat Petroleum Corp has signed a deal with Chevron to buy 10,000 barrels per day (bpd) Nigerian crude in the year ending March 31, 2013, sources said on Wednesday.

Chevron will supply light sweet barrels to BPCL at the official selling price, the sources said.

BPCL normally buys West African crude on the spot market. “This is the first time that BPCL has signed a contract for Nigerian oil,” one of the sources, privy to the deal, said.

“It is just a start and there is a possibility that next year BPCL may look at sourcing higher volume of Nigerian oil through a term deal,” said an Asian trader.

Nigerian oil could be a partial substitute for the Libyan and Algerian barrels that BPCL used to buy under term contracts, the trader, who did not wish to be identified, said.

A BPCL spokesman declined to comment.

BPCL operates the 240,000 bpd Mumbai refinery in western India and the 190,000 bpd Kochi plant in southern India.

It has a majority stake in the 60,000 bpd Numaligarh refinery in northeast India and also in the 120,000 bpd Bina plant in central India.

 

 

 

 

 
Source: Daily Times