Hindustan Petroleum Corp Acquires West African Oil
New Delhi/Singapore, August 6 – Hindustan Petroleum Corporation Limited (HPCL), a state-run company in India, has secured two million barrels of West African oil for delivery in September, according to two market sources.
The company purchased one million barrels each of Nigerian oil varieties, Forcados and Bonga, from Shell. This oil is set to be used at HPCL’s Vizag refinery, which has a capacity of 300,000 barrels per day and is located in Andhra Pradesh.
While the exact pricing details of this transaction have not been disclosed yet, it is notable that HPCL had recently acquired another two million barrels from West Africa for its smaller refinery in Rajasthan, which processes 180,000 barrels of oil per day.
Typically, oil companies like HPCL do not provide comments regarding their trading activities.
(Reporting by Nidhi Verma and Siyi Liu; Edited by Clarence Fernandez)
