AGL 39.18 Decreased By ▼ -0.82 (-2.05%)
AIRLINK 127.95 Decreased By ▼ -1.11 (-0.86%)
BOP 6.85 Increased By ▲ 0.10 (1.48%)
CNERGY 4.69 Increased By ▲ 0.20 (4.45%)
DCL 8.50 Decreased By ▼ -0.05 (-0.58%)
DFML 41.20 Increased By ▲ 0.38 (0.93%)
DGKC 82.30 Increased By ▲ 1.34 (1.66%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 74.20 Decreased By ▼ -0.23 (-0.31%)
FFL 11.83 Increased By ▲ 0.09 (0.77%)
HUBC 110.10 Increased By ▲ 0.52 (0.47%)
HUMNL 14.17 Increased By ▲ 0.42 (3.05%)
KEL 5.22 Decreased By ▼ -0.09 (-1.69%)
KOSM 7.65 Decreased By ▼ -0.07 (-0.91%)
MLCF 39.00 Increased By ▲ 0.40 (1.04%)
NBP 63.60 Increased By ▲ 0.09 (0.14%)
OGDC 192.74 Decreased By ▼ -1.95 (-1%)
PAEL 25.60 Decreased By ▼ -0.11 (-0.43%)
PIBTL 7.29 Decreased By ▼ -0.10 (-1.35%)
PPL 153.00 Decreased By ▼ -2.45 (-1.58%)
PRL 25.46 Decreased By ▼ -0.33 (-1.28%)
PTC 17.52 Increased By ▲ 0.02 (0.11%)
SEARL 82.10 Increased By ▲ 3.45 (4.39%)
TELE 7.63 Decreased By ▼ -0.23 (-2.93%)
TOMCL 33.42 Decreased By ▼ -0.31 (-0.92%)
TPLP 8.44 Increased By ▲ 0.04 (0.48%)
TREET 16.30 Increased By ▲ 0.03 (0.18%)
TRG 56.60 Decreased By ▼ -1.62 (-2.78%)
UNITY 27.56 Increased By ▲ 0.07 (0.25%)
WTL 1.35 Decreased By ▼ -0.04 (-2.88%)
BR100 10,495 Increased By 50.1 (0.48%)
BR30 31,049 Decreased By -140.2 (-0.45%)
KSE100 98,129 Increased By 330.8 (0.34%)
KSE30 30,633 Increased By 152.5 (0.5%)

NEW DELHI: India’s Bharat Petroleum Corp Ltd has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, two sources familiar with the purchase said.

Refiners in India, the world’s third biggest oil importer and consumer, have been snapping up Russian oil through spot deals since Russia’s invasion of Ukraine on Feb. 24, taking advantage of deep discounts as other buyers back away.

BPCL and Trafigura did not immediately respond to requests for comment.

The state-run refiner regularly buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.

With BPCL’s purchase, India has so far booked at least 16 million barrels of Russian oil since Feb. 24, similar to imports in all of 2021, according to Reuters calculations.

The Urals discount to dated Brent has hit a record for the post-Soviet era as some buyers shunned Russian oil. Unlike several Western countries, India has not banned Russian oil imports.

India’s foreign minister S. Jaishankar said on Wednesday the government was working to stabilise economic transactions with Russia, a day after India condemned killings of civilians in Ukraine and called for an independent probe.

Jaishankar told lawmakers in Parliament that Russia continued to be a critical economic partner and efforts were underway to “stabilise economic transactions between India and Russia.”

Comments

Comments are closed.