Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.
Hindustan Petroleum (HPCL) opens new tab has bought 2 million barrels each of US West
Texas Intermediate crude and Abu Dhabi's Murban crude for January arrival, they
said.
Mangalore Refinery and Petrochemicals (MRPL),
opens new tab has bought one million barrels of Basra Medium crude for
January 1-7 delivery, they said.
The identity of the
sellers and pricing details were not immediately known, reported Reuters.
Indian refiners are
scouting for alternatives after U.S. President Donald Trump imposed sanctions on
Rosneft (ROSN), opens new tab and Lukoil (LKOH), opens new tab,
Russia’s two largest oil companies, in an attempt to pressure President
Vladimir Putin to end the war in Ukraine.
MRPL has paused
purchase of Russian oil due to the risks involved, a company source said last
month.
HPCL, which has cut
its intake of Russian oil in the last few months, has also paused imports from
Russia.
