Bharat Petroleum Corp (BPCL) bought 4 million barrels of crude in its second tender for February loading cargoes, taking its imports for the month via tenders to a record high, traders said.

India’s second-largest state-run refiner is set to import a total of 7
million barrels, or 250,000 barrels per day (bpd), of crude oil via
tenders for February loading, up from 4 million barrels in January.

“Seven million barrels is the highest ever purchase by BPCL for the
nominated month mentioned in the tender (February),” one Indian-based
trader said.

In its tender concluding on Wednesday, BPCL bought two million barrels
of Nigerian Qua Iboe crude oil from BP, one million barrels of Algerian
Saharan Blend from Total and one million barrels of Yemeni Masila crude
from Nexen, traders said.

In its previous tender, BPCL took one million barrels each of Angolan
Nemba and Nigerian Agbami from Chevron and one million barrels of
Saharan Blend from Sonatrach.

All barrels were planned for February loading, traders said.

Asian demand rising

The 4 million barrels of West African crude set to be imported by BPCL
in February adds to signs that Asian demand for crude oil from the
region is on the increase.

Asian buyers are set to import a record 1.9 million barrels per day
(bpd) of crude from Angola, Nigeria and smaller West African producers
in January, up from 1.58 million bpd in December.

Full details of the loading dates and prices for BPCL’s latest tender
were not immediately available but traders said BP could struggle to
obtain the crude needed to fulfil its requirement to BPCL.

BP currently owns a Qua Iboe cargo due to load on Feb. 7-8 but most
other cargoes of the grade in the month are now placed. BP still
requires an additional cargo to send to BPCL, traders said.

The most convenient cargo to link up with BP’s February 7-8 would be
the Qua Iboe due to load on February 10-11 but traders said the current
holder, Shell, may ask a high price given BP’s requirement.

“If BP needs to cover its deal with BPCL with Shell’s cargo, it could
cost them. The only other option would be to do a swap with Vitol or
possibly Shell,” one physical West African oil trader said on Wednesday.

Qua Iboe was trading at around dated plus USD 1.50 a barrel on the spot
market but traders said BPCL may have paid up to dated plus USD 1.70
for the cargoes supplied by BP.

Source: Reuters

Search to find what you want

• BPCLs crude oil imports hit record high alert

    Bharat Petroleum Corp (BPCL) bought 4 million barrels of crude in its second tender for February loading cargoes, taking its imports for the month via tenders to a record high, traders said.

• Asia Crude-India BPCL Embassies 2nd Sweet November Offer

    India’s state-run refiner Bharat Petroleum Corp (BPCL) has not made any award in its tender to buy more sweet crude for lifting in November, a company official said on Thursday. “We have enough inventories,” the official said without elaborating. In a previous tender, BPCL bought 3 million barrels of sweet grades

• Asia Crude-India BPCL buys Sept Seria, Saharan Blend

     India’s Bharat Petroleum Corp (BPCL) bought 2 million barrels of Algerian Saharan Blend crude for September lifting, its first purchase of the Mediterranean grade via tender in six months, plus 600,000 barrels of Brunei’s Seria Light crude, traders said on Monday. State-run refiner BPCL purchased the Very Large Crude Carrier (VLCC)

• India s BPCL buys Algeria, Libya oil sources

    India’s Bharat Petroleum Corp (BPCL) bought 1 million barrels each of Algerian and Libyan crude in a tender for oil loading in April, trade sources said on Tuesday. State-run BPCL bought 1 million barrels of Algerian Saharan Blend from BP Plc at dated BFOE plus about 90 cents fob, and

• Indias BPCL buys Algeria, Libya oil sources

    India’s Bharat Petroleum Corp (BPCL) bought 1 million barrels each of Algerian and Libyan crude in a tender for oil loading in April, trade sources said on Tuesday. State-run BPCL bought 1 million barrels of Algerian Saharan Blend from BP Plc at dated BFOE plus about 90 cents fob, and

• Asia Crude-India BPCL buys 3 million barrels for Jan

    India’s Bharat Petroleum Corp (BPCL) has bought 3 million barrels of sweet crude at tender, including a second purchase of Nigerian Agbami crude and sixth straight purchase of Algerian Saharan Blend crude, a trade source said on Wednesday. Royal Dutch Shell will supply 1 million barrels of Nigerian Bonny Light

• Kochi port quay extends exemption for BPCL

    Kochi port has extended wharfage waiver to BPCL-Kochi Refinery for back-loading of crude oil at Cochin Oil Terminal (COT) for one more year.

• Asia oil-India BPCL offers 30,000 tons, end-Jan

    India’s Bharat Petroleum Corp Ltd (BPCL) offered another 30,000 tonnes of fuel oil for end-January loading, its third parcel for the month, traders said on Monday. The 380-centistoke (cst) lot is for lifting on Jan.

• Asia Crude-India IOC seeks February / March sweet varieties

    State-run Indian Oil Corp (IOC) issued a tender to buy sweet crude oil for loading in the second half of February or in March, traders said on Tuesday. The tender closes on Jan

• Pertamina Importing: 17.28 million barrels of fuel Jan-Feb

    Indonesian state oil company PT Pertamina plans to import 17.28 million barrels of oil products in January and February, a company official said Tuesday. Pertamina will import 5.5 million barrels of gasoline and 1.8 million barrels of gasoil this month, said Pertamina spokesman Basuki Trikora Putra. In February, it will

• Asia-India s BPCL sells fuel oil 60,000 tonnes, December

    India’s Bharat Petroleum Corp Ltd (BPCL) has sold two second-half December-loading 380-centistoke (cst) fuel oil cargoes totalling 60,000 tonnes via tender amid an improving market, traders said on Friday. The two 30,000-tonne cargoes, for lifting on Dec

• Asia-Indias BPCL sells fuel oil 60,000 tonnes, December

    India’s Bharat Petroleum Corp Ltd (BPCL) has sold two second-half December-loading 380-centistoke (cst) fuel oil cargoes totalling 60,000 tonnes via tender amid an improving market, traders said on Friday. The two 30,000-tonne cargoes, for lifting on Dec. 15-21 from Mumbai and Dec

• Nigeria: Country targets oil revenues Jerks Up Daily oil exports to U.S. –

    Nigeria will export about 1.7 percent more of its 14 biggest crude types per day to the United States in February compared with the previous month, preliminary loading schedules obtained by Daily Independent have shown.

• Seaborne Russian Crude Oil Exports to the expected drop in January

    Russia, the world’s second-largest oil exporter, plans to reduce shipments of Urals and Siberian Light crude from four Baltic and Black Sea ports by 6.1 percent next month, according to the official loading schedule. Russia will ship 2.476 million barrels of oil a day from the Baltic port of Primorsk

• China s crude oil imports rise 58% in February

    China imported 18.51 million tons of crude oil in February, 58% more than in the same month of last year, according to statistics released by the General Administration of Customs today. The February crude oil imports reflect 8.18% growth from January, when the country imported 17.11 million tons of crude