Bharat Petroleum Corporation Ltd (BPCL) has purchased one million barrels of US West Texas Intermediate (WTI) crude for August delivery through a competitive tender process.
The transaction was executed with trading house Vitol, with the Indian refiner paying a premium of $6 per barrel over dated Brent crude prices, according to sources cited by Hindu Businessline.
6% stake in IBV Petroleo, a Brazil-based oil and gas firm, from Videocon Energy.
The deal highlights BPCL's continued strategy to diversify its crude basket by accessing US light sweet crude, which is often favored for its high yield of gasoline and diesel.
Sourcing WTI allows Indian refiners to optimize margins when the discount to Middle Eastern benchmarks widens, though the $6 premium to Brent indicates a tighter pricing environment for US exports at this juncture.
This procurement activity comes as BPCL expands its global footprint through strategic acquisitions.
The company recently signed definitive agreements to acquire the remaining 34.6% stake in IBV Petroleo, a Brazil-based oil and gas firm, from Videocon Energy.