Indian Refinery Buys Brazilian Tupi Crude

An FPSO at the Tupi field - Credit: MODEC
An FPSO at the Tupi field - Credit: MODEC

India's Mangalore Refinery and Petrochemicals Ltd has bought its first-ever cargo of Brazilian Tupi crude oil in a tender, two industry sources said on Monday.

The 1-million-barrel cargo was sold by Royal Dutch Shell for May delivery, he added.

The price was not immediately known.

The purchase comes after Indian state refiners had planned to reduce Saudi crude imports by about a quarter in May in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply.

MRPL had been seeking sour crude in the tender, but had been offered sweet crude at more competitive prices, the sources said.

Brazilian Tupi crude is a popular grade with Chinese independent refiners but their crude purchases have been slow over the past weeks, partly because of an increase in cheap Iranian oil inflows.

(Reporting by Nidhi Verma and Florence Tan, editing by Louise Heavens)


Current News

Vår Energi, TechnipFMC to Fast-Track Development of North Sea O&G Fields

Vår Energi, TechnipFMC to Fast

First Steel Cut for Rem Offshore’s Third Vard-Built CSOV

First Steel Cut for Rem Offsho

Rem Offshore's Zero-Emission Subsea Construction Vessel Hits Water (Video)

Rem Offshore's Zero-Emission S

Island Offshore Takes Delivery of Revamped Well Intervention Vessel

Island Offshore Takes Delivery

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine