Indian Refiners Secure Middle East, African Crude
Indian refiners have increased crude oil purchases from the Middle East and West Africa, with Mangalore Refinery and Petrochemicals Ltd (MRPL) buying one million barrels of Oman crude through a tender, according to trade sources. The cargo was reportedly purchased at a premium of around $3 per barrel over the dated Brent benchmark.
State-run Indian Oil Corporation (IOC), the country’s largest refiner, separately acquired four million barrels of West African crude. The purchases include Angolan grades Nemba, Saxi Batuque, and Clov, along with Congo’s Djeno crude.
According to trade sources, Chevron supplied the West African crude cargoes, while Mitsui & Co Energy Trading Singapore was identified as the seller of the Oman crude to MRPL. The companies involved have not commented on the commercial transactions.
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