HPCL Buys West African Crude for Rajasthan Refinery
Hindustan Petroleum Corporation Limited (HPCL) has purchased two million barrels of crude oil from West Africa through a tender for its 180,000 barrels-per-day Rajasthan refinery, according to trade sources. The cargo is expected to arrive in late September.
The deal includes Nigeria’s Okwuibome and Utapate crude grades, which were bought from commodity trader Glencore. The purchase is intended for HPCL Rajasthan Refinery Ltd. (HRRL), a joint venture in which HPCL holds a 74% stake, while the Rajasthan government owns the remaining share.
The financial details of the transaction were not disclosed, and neither HPCL nor Glencore commented on the trade. The refinery is expected to strengthen fuel production capacity as it prepares to process the imported crude.
Pic courtesy: google/ images are subject to copyright
