Indian Oil Corp. and Hindustan Petroleum Corp. collectively purchased a cargo of Venezuelan crude, marking a second deal on the commerce by the nation’s processors after Reliance Industries Ltd. snapped up a cargo.
The nation’s largest state-owned refiner and its smaller counterpart bought 2 million barrels of Merey crude, in line with folks conversant in the matter, asking to not be recognized talking about confidential data. Oil will likely be delivered to IOC’s Paradip refinery and HPCL’s Visakhapatnam plant, they stated.
The Trump administration has tapped buying and selling giants Vitol Group and Trafigura Group to market Venezuelan oil after the US seized President Nicolás Maduro and asserted management over the nation’s power business. Indian personal refiner Reliance Industries Ltd. just lately acquired a cargo, returning to the commerce after hitting pause final yr following the expiry of US sanctions waivers.
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IOC and HPCL didn’t instantly reply to emails in search of remark. The deal was first reported by Reuters.
India’s oil shopping for is beneath the highlight after President Donald Trump stated final week that the nation had agreed to cease taking Russian crude as a part of commerce cope with the US. New Delhi hasn’t instantly addressed the Russian oil commerce in its public responses. A overseas ministry spokesperson reiterated over the weekend that power safety remained a high precedence for India.
IOC and a unit of HPCL — HPCL-Mittal Vitality Ltd. — final took Venezuelan oil in 2024, in line with information compiled by Kpler. The processors additionally halted purchases after the expiry of sanctions waivers from the US.
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