BPCL buys 2 million barrels of Russian Ural for loading in May

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 With the purchase of BPCL, India has so far stockpiled at least 16 million barrels of Russian oil as of February 24.

Bharat Petroleum Corp Ltd  bought 2 million barrels of Russian Ural for the May loading from trader Trafigura, two sources familiar with the purchase said. 



 Since Russia's invasion of Ukraine on February 24, Indian refineries, the world's third-largest oil importer and consumer, have been earning Russian oil through spot trades, taking advantage of take advantage of high discounts amid returning buyers. BPCL and Trafigura do not. Respond immediately  to requests for comment.

The state-owned refinery regularly buys Russian Ural for  310,000 barrels per day (bpd) Kochi  in southern India.  With the purchase of BPCL, India has so far stockpiled at least 16 million barrels of Russian oil as of February 24, equivalent to imports for the whole of 2021, according to Reuters calculations.  The Urals discount on Brent dates back to  a post-Soviet record high as some buyers shun Russian oil. Unlike some Western countries, India does not ban imports of Russian oil. Indian Foreign Minister S. Jaishankar  on Wednesday said the government was working to stabilize economic transactions with Russia, a day after India condemned the killing of civilians in Ukraine and called for an investigation. independence.

Mr Jaishankar told parliamentary lawmakers  that Russia continued to be an important economic partner and that efforts were underway to "stabilize economic transactions between India and Russia". 

 Indian Finance Minister Nirmala Sitharaman said last week that India will buy  oil from Russia if there is a discount price. 

 "India's common interest is something to keep in mind... I will put my country's national interest first, and I will keep my country's energy security first," she declared.

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