By Admin 
Crude Oil Import: After the trade deal between India and America, now a big update is coming out regarding the purchase of crude oil from Venezuela. Indian Oil Corp and Hindustan Petroleum Corp – these two government refiner companies of India have together purchased 2 million barrels of crude. Its delivery will be in the second half of the month of April.
2 million barrels of crude will be divided between the two
Citing sources, Reuters reported in its report that the crude purchased from Venezuela will be transported on a giant crude carrier. Out of this 2 million barrels of crude, IOC will take about 1.5 million barrels and HPCL will take about 500,000 barrels. Starting from Venezuela, this carrier will reach the east coast of India. The company supplying crude oil from Venezuela is Trafigura.
After the trade deal with America, India is now trying to avoid importing Russian oil. In such a situation, the purchase of oil from Venezuela shows an attempt by Indian refinery companies to diversify imports so that the supply of crude oil remains continuous despite the interruption in imports from Russia.
India waiting for crude supply from Venezuela
This is HPCL’s first purchase of crude oil from Venezuela. Whereas the country’s top refiner IOC has purchased oil from Venezuela in 2024. According to Reuters, HPCL had said in January that it was waiting for the supply of crude oil from Venezuela for its refinery in Visakhapatnam.
The capacity of this refinery of HPCL is 300,000 barrels per day, which the company plans to increase by 40000-60000 barrels per day. This refinery was recently upgraded for processing heavy crude oil. IOC processes Merey at its refinery in Paradip. Vitol and Trafigura were given US licenses to sell Venezuelan oil.
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