Indian Refinery Buys Brazilian Tupi Crude

Published

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

Greece Approves Chevron Request to Lead Offshore Gas Exploration

Greece Approves Chevron Reques

Vaalco Reports Strong Well Results off Gabon as Drilling Campaign Advances

Vaalco Reports Strong Well Res

New Discoveries Pave Way for Johan Sverdrup’s Next Phase

New Discoveries Pave Way for J

BW Offshore's FPSO Marks Key Performance Milestone on Barossa LNG Project

BW Offshore's FPSO Marks Key P

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine