Venezuelan Oil Arrives: BPCL Buys First Consignment, Private Firm Also Bets Big

• Bharat Petroleum Corporation (BPCL) makes its first purchase of Venezuelan oil, while HPCL-Mittal Energy Limited (HMEL) buys after two years.
• The purchases follow the lifting of long-standing US sanctions on Venezuela, allowing India to resume imports of heavy oil.
• Both BPCL and HMEL acquired 100,000 barrels each of Venezuelan crude oil from trader Vitol, with imports expected to reach 6 million barrels by April.
• Indian refineries are diversifying their supply by buying Venezuelan oil, reducing reliance on Russian oil imports.
• BPCL will distribute its cargo to Kochi and Bina refineries, while HMEL's imports are for its Bathinda refinery via Mundra Port.