India’s Hindustan Petroleum has bought two Nigerian crude grades for its 180,000-barrel-a-day Rajasthan refinery.
India’s HPCL has bought two million barrels of Nigerian crude for its Rajasthan refinery.
- HPCL bought 2 million barrels of Nigerian crude through a tender.
- The cargo contains Okwuibome and Utapate grades sold by Glencore for late-September delivery.
- The purchase is a spot tender, not evidence of a long-term supply agreement.
India’s Hindustan Petroleum Corporation has bought two million barrels of Nigerian crude for its new refinery in Rajasthan, adding another Asian destination for West African oil.
The purchase covers Nigeria’s Okwuibome and Utapate grades and was made through trader Glencore after a tender.
The cargo is expected to arrive in late September at the 180,000-barrel-a-day HPCL Rajasthan Refinery.
The price was not disclosed, and the companies involved do not normally comment on individual physical oil trades.
Business Insider Africa has tracked India’s growing appetite for African barrels, including an earlier two-million-barrel purchase of Angolan crude. The Nigerian cargo extends that sourcing shift to two newer domestic grades.
Okwuibome and Utapate are part of Nigeria’s effort to broaden its crude slate and stabilize export earnings. A successful delivery can help establish operating and quality records with a refinery that is still building its supply mix.
Business Insider Africa recently reported Nigeria’s first 950,000-barrel Cawthorne crude export, another sign that new and revived Nigerian grades are reaching international buyers.
The transaction provides a confirmed buyer for two million barrels, but it does not establish a long-term supply agreement or disclose a premium to benchmark prices.
HPCL owns 74% of the Rajasthan refinery, with the state government holding the balance. Reuters reported the purchase based on tradeg crude slate
