India HPCL buys 2mn bbls Qua Iboe for Nov

NEW DELHI: Indian state-run refiner Hindustan Petroleum Corp Ltd has bought 2 million barrels of Nigerian Qua Iboe via a tender for lifting in November, its first purchase of oil in a very large crude carrier (VLCC), a source privy to the deal said.

HPCL has so far been buying crude in Suezmax vessels.

The refiner has bought the crude from trader Glencore at a premium of $2.60 to $2.80 a barrel over the dated Brent price for processing at its 166,000 barrels per day (bpd) Vizag refinery in southern India, the source said.

HPCL also operates a 130,000 bpd plant in Mumbai and has a stake in the 180,000 bpd Bhatinda refinery in the northern state of Punjab.