HPCL buys 4 million barrels of Middle Eastern crude, traders say
- The refiner purchased 2 million barrels of Murban crude from BP
SINGAPORE/NEW DELHI: India’s state-run refiner Hindustan Petroleum Corp bought 4 million barrels of Middle Eastern crude through a spot tender, multiple trade sources said on Thursday.
The refiner purchased 2 million barrels of Murban crude from BP, another 1 million barrels of Murban from PetroChina and 1 million barrels of Oman crude from Trafigura, they said.
Both grades are loaded and exported from outside the Strait of Hormuz.
The price for Murban delivered was about $7 per barrel above the dated Brent contract, while that for Oman delivered was about $4 to $5 per barrel, two of the people said.
India hikes fuel prices for second time in a week
The oil will arrive around early October.
The companies typically do not comment on commercial transactions.