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Bharat Petroleum Corp, an Indian state-run firm has signed a deal with Chevron to buy 10,000 barrels per day Nigerian crude in the year ending March 31, 2013.
Chevron will supply light sweet barrels to BPCL at the official selling price, BPCL normally obtain its West African crude on the spot market, making it the first time it has signed a contract for the Nigerian oil to that effect.
An Asian trader is however optimistic that BPCL may look at sourcing higher volumes of Nigerian oil through a term deal, stating that this deal marks the beginning, which could be a substitute for the Libyan and Algerian barrels that BPCL used to buy under term contracts.
BPCL as a company operates 240,000 bpd Mumbai refineryin western India and the 190,000 bpd Kochi plant in southern India, having a majority stake in the 60,000 bpd Numaligarh refinery in northeast India and also in the 120,000 bpd Bina in central India.
(Edited by: Blueblock)
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