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A cut in Basra Light's official selling price and robust demand for sour grades lifted the grade's valuation in November, although ample supply kept its differential at a discount.
The refinery bought the cargo, likely from Total, at a discount of between 15 and 20 cents a barrel to the grade's official selling price (OSP), they said. October cargoes were sold at discounts of 20-30 cents a barrel.
HMEL, a joint venture between state-run Hindustan Petroleum and billionaire Lakshmi Mittal's Mittal Energy, started operations at its 180,000 barrels-per-day (bpd) refinery in Bathinda in August last year.