India's Oil Refiners Boost Middle Eastern and African Crude Imports
Indian oil refineries have increased their crude oil purchases from the Middle East and West Africa. According to trade sources, Mangalore Refinery and Petrochemicals Ltd (MRPL) bought one million barrels of Oman crude at a premium of around $3 per barrel over the dated Brent benchmark.
The cargo was purchased through a tender process, with Mitsui & Co Energy Trading Singapore identified as the seller. MRPL's purchase is just one part of a larger trend in which Indian refiners are increasing their imports from these regions.
State-run Indian Oil Corporation (IOC), the country's largest refiner, separately acquired four million barrels of West African crude. The purchases include Angolan grades Nemba, Saxi Batuque, and Clov, as well as Congo's Djeno crude. Chevron supplied the West African crude cargoes.