Commodities
HPCL Snaps Up 4M Barrels of Middle Eastern Crude
India's state-run refiner Hindustan Petroleum Corp (HPCL) has made a significant purchase of Middle Eastern crude oil, according to multiple trade sources.
The company bought 4 million barrels through a spot tender, with 2 million barrels of Murban crude coming from BP and 1 million barrels each from PetroChina and Trafigura.
Both grades of oil are being loaded for export outside the Strait of Hormuz and are expected to arrive in India around early October.