Indian Refinery Buys Brazilian Tupi Crude

Nidhi Verma and Florence Tan
Monday, March 22, 2021

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)


Categories: Energy Industry News Activity Production South America Asia Refinery

Related Stories

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

CNOOC Brings New Offshore Gas Field On Stream

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Starts Production at Major Oil Field in Bohai Sea

China Rolls Out 17MW Floating Wind Turbine Prototype

CNOOC Starts Production at Offshore Field in South China Sea

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Current News

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com