With the purchase of BPCL, India has so far booked at least 16 million barrels of Russian oil since February 24.
With the purchase of BPCL, India has so far booked at least 16 million barrels of Russian oil since February 24.
Bharat Petroleum Corp Ltd has bought 2 million barrels of Russian Urals for shipment in May from trader Trafigura, two sources familiar with the purchase said.
Refiners in India, the world’s third-largest oil importer and consumer, have been spot-buying Russian oil since Russia’s February 24 invasion of Ukraine, taking advantage of deep discounts as other buyers backed down.
BPCL and Trafigura did not immediately respond to requests for comment.
The state refiner regularly buys Russia’s Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.
With the purchase of BPCL, India has so far booked at least 16 million barrels of Russian oil since February 24, according to Reuters calculations, similar to imports for all of 2021.
The Ural rebate on dated Brent has hit a record for the post-Soviet era as some buyers shunned Russian oil. Unlike several Western countries, India has not banned Russian oil imports.
India’s Foreign Minister S Jaishankar said Wednesday the government is working to stabilize economic transactions with Russia, a day after India condemned the killing of civilians in Ukraine and called for an independent investigation.
Mr Jaishankar told lawmakers in Parliament that Russia remains a critical economic partner and that efforts are underway to “stabilize economic transactions between India and Russia”.
India’s Finance Minister Nirmala Sitharaman said last week India would buy Russian oil if it was available at a discount.
“India’s overall interest is what is kept in mind… I would put my country’s national interest first and I would put my country’s energy security first,” she said.
